Engineering company Mincon has reported a 3% fall in operating profits for the year to the end of December as the company said the markets in which it operates remain challenging.
Mincon said its operating profits fell to €9.99m from €10.35m in 2014 but its revenues for the year rose by 29% to €70.26m from €54.54m
The company said the impact of acquisitions and foreign currency movements also contributed to the increase in revenue in the year.
Mincon makes a range of rock-drilling hammers and bits for a variety of industries including mining exploration, mining production, oil and gas drilling, water well drilling, geothermal drilling and seismic drilling.
The company's chief executive Joe Purcell said that the exploration industry is cyclical in nature, driven by movements in the commodity prices of base and precious metals.
"Therefore our focus has always been on the production mining and other market sectors such as waterwell, geothermal and construction drilling, which are less cyclical and provide a more stable platform for the long term success and growth of the business. We are ambitious for further growth," he stated.
