Boom Logistics plans to restructure its Melbourne, Australia-based mobile crane and aerial rental business and began by laying off 31 people and divesting 18 cranes, according to Australian Internet reports. The sale of the cranes is likely to generate AU $3 million (about U.S. $1.9 million), the company said.
The company recently said it expected an after-tax profit for the half year ended Dec. 31 of AU $13.7 million (about U.S. $9.3 million), an increase of almost 4 percent from the previous period. The company attributed the gain to increased operational efficiencies, despite projected lower sales. Boom Logistics said market analyst estimates of a full-year profit between AU $22 million and AU $29 million is still expected.
Boom Logistics is scheduled to release its half-year financial statements Feb. 23.