The gold boom and multi-million-dollar cash injections by government into infrastructure projects is leading to some pretty strong quarterly earnings for the ASX small cap industrial plays.

Emeco Holdings (ASX:EHL) told shareholders this week that its total revenue from gold projects has more than doubled.

It’s also doing pretty well from a very active iron ore sector, with revenue from this sector more than tripling. Meanwhile, its operating net profit after tax has spiked 39 per cent to $87.5m.

And Emeco doesn’t see that growth waning anytime soon.

“Our goals for FY21 are consistent: to continue to diversify our commodity mix, expand the services the business provides, adding capital-light earnings, and continue to generate strong return on capital and cash flows to further de-leverage,” managing director Ian Testrow.

“This will ensure we drive sustained shareholder returns.”

Emeco shares are up around 18 per cent over the last fortnight.

Emeco Holdings (ASX:EHL) share price chart


Meanwhile, WestStar Industrial (ASX:WSI) climbed 35 per cent this morning following the release of its quarterly numbers.

The company reported $12.2m in cash receipts, attributing the positive result to it winning new infrastructure project tenders such as the Sydney WestConnex New M5 project.

Nonetheless it also noted developing a strong pipeline of fabrication and modularisation project opportunities being sourced locally for iron ore and gold mine developments among its achievements for the quarter.

This was thanks to the acquisition of Alltype Engineering which it snapped up in November last year after 35 years as a stand alone entity.

WestStar Industrial (ASX:WSI) share price chart


Drilling contractor Mitchell Services (ASX:MSV) booked FY20 revenue of $175.5m and earnings of $35m. In both cases, the June quarter accounted for about 30 per cent of those totals.

The company noted that post initial COVID-19 restrictions, utilisation and productivity levels across mine sites had improved, pushing figures even higher than the prior corresponding period.

Mitchell Services attributed the strong result to 90 per cent of its revenue coming from Tier 1 mining clients.

“Our business model has proven itself in an extremely challenging operational environment during a global pandemic,” CEO Andrew Elf said.

While shares remain below their pre-COVID lows they have been gradually recovering.

Mitchell Services (ASX:MSV) share price chart


Other industrial stocks yet to release quarterly or annual figures have also assured shareholders they are doing better than most and have promised dividends.

Building materials and automotive leather manufacturer Schaffer (ASX:SFC) and driller Swick Mining Services (ASX:SWK) have either paid dividends during COVID-19 or expect to.

SFC & SWK share price chart