MARKETS

Solid result for Downer EDI

ENGINEERING and infrastructure services group Downer EDI has delivered an $87 million net profit ...

Staff Reporter
Solid result for Downer EDI

With work in hand of $16.4 billion, the company is in for a big year and has given guidance of a 5% growth in NPAT for the 2010 financial year.

The mining division delivered revenue of $483.5 million and earnings before income tax of $37 million – a whopping 73% year-on-year increase.

It also boasted work in hand of $2.5 billion with clients such as BHP Billiton Iron Ore, Ensham Resources, Solid Energy (NZ) and Fortescue Metals Group, and a pipeline of opportunities exceeding $5 billion.

The engineering division posted revenue of $869.8 million and EBIT of $57.5 million, a drop of 11%, reflecting the decision not to pursue lower margin work and a softening in the New Zealand consulting market.

Work in hand was $2.9 billion and was complemented by a $15 billion pipeline of future opportunities.

The works division recorded revenue of $1 billion and EBIT of $46.7 million, a 1% increase, while rail delivered revenue of $458 million and EBIT of $29.1 million. Work in hand for the works division was $5.3 billion, while rail was valued at $5.7 billion.

Shares in Downer EDI are down 6c to $7.97 this morning.

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