NEWS

    Downer EDI posts solid result


    This comes off the back of total revenue of $2.8 billion which contributed to earnings before interest and tax of $140.2 million, up 1.2% on the previous corresponding period.

    A dividend of 13.1c per share was declared and the group remains on track to deliver its five-year strategic plan.

    The group’s mining division delivered revenue of $483.5 million and earnings before income tax of $37 million, a 73% increase on the December 2008 half-year.

    DownerEDi chief executive and managing director Geoff Knox said the mining business had benefited from an improved operational performance, cost efficiencies and contribution from joint ventures.

    Work in hand for this division reached $2.5 billion with a further $5 billion to come from future work programs.

    Major contract wins and renewals for the period came from clients such as BHP Billiton Iron Ore, Ensham Resources, Solid Energy (NZ) and Fortescue Metals Group.

    Shares in DownerEDi were up 0.82% in afternoon trade to $7.36.
     

    Source: miningnews.net

     

    Posted on Monday, 12 April 2010 (Archive on Monday, 1 January 0001)