Macmahon roars ahead of rebound

Macmahon roars ahead of rebound

Macmahon Holdings Limited (ASX: MAH) was one of today’s strongest performing stocks jumping almost 12% to 56c, eclipsing even BHP Billiton’s stellar 5% jump.

The mining construction company announced last week that it had been awarded a number of mining contracts totaling $90 million, but attempted to hose down speculation that it had won a coal mining contract in Mongolia.

A statement from the Macmahon Holdings did say that it was “in negotiations” regarding a contract for mining operations at the Tavan Tolgoi coal deposit in partnership with Germany’s BBM Operta.

At 56c Macmahon Holdings is well off its 52 week low of 44c, just a week ago, but still well short of last October’s 77c high.

In February 2011, the company reported a net loss for the previous half of $13M primarily the result of a write-down of the RGP5 Rail North Contract. Excluding this contract, the Company’s underlying profit after tax for the period was $18.2 million.

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Tags miningMacmahon HoldingsASX:MAH

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