News: Boom Logistics jumps on higher earnings

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Shares in Boom Logistics Limited (ASX:BOL) jumped up to 20 per cent this morning after the crane operator advised it had sold some assets and said its first quarter earnings had improved.

Boom has sold its non-core Victorian tower crane assets for gross proceeds of $7.5 million, resulting in a net profit of more than $3 million.



The sale includes 34 tower cranes and a smaller number of supporting mobile cranes and related equipment.

Boom advises that its first quarter earnings before interest and tax were $9 million, exceeding the $8.9 million earnings achieved in the last half of the 2011 financial year.



In the full 2011 financial year Boom Logistics swung from a profit to a net loss of $37.8 million.