Engineering firm Downer EDI’s first half profit has grown by 11 per cent and the company has maintained its expectation of a profit rise for the full year.
Downer EDI made a net profit of $94 million in the six months to December 31, up from $84.9 million in the previous corresponding period. Revenue in the six months to December of $4.4 billion was up 18 per cent from $3.71 billion in the same period in the previous year.
The company re-affirmed its forecast for an underlying net profit of around $210 million in the 2012-13 financial year, after it rose by 24 per cent in the first half to $105.5 million.
Chief executive Grant Fenn said the results showed an improved performance from all areas of Downer EDI’s business.
‘‘Each of our three divisions achieved substantial revenue growth, underlying EBIT (earnings before interest and tax) has grown over 12 per cent and our cash performance was strong once again,’’ Mr Fenn said in a statement. ‘‘We have continued to build momentum in our operational and financial performance.’’
Downer EDI operates business in infrastructure, mining and rail. The company is manufacturing new trains for Sydney’s rail network, known as Waratah Trains.
After many problems and delays, production was now at the required rate to complete the project on time, Mr Fenn said.
‘‘We remain on track to deliver the 78th Waratah train in mid-2014,’’ he said.
The company declared an interim dividend of 10 cents per share, 70 per cent franked.Downer EDI did not pay an interim dividend last year.
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