Double blow for Mincon profits

Irish engineering company Mincon yesterday blamed a weakening of the global exploration and mining market and the devaluation of key currencies for a poor first half of the year during which revenues and profit fell significantly.

Company revenues fell by 15% to €23.4m while operating profit tumbled by almost 40% in the opening six months of the year, compared with the same period in 2013.

Earnings per share also fell sharply — by more than 40% — as the company struggled with wider macro-economic factors impacting upon its business.