Profit 'good result' for Opus
Opus International Consultants says it performed well in New Zealand in the half year, with work gearing up in Christchurch after last year's earthquakes.
But conditions remained difficult in Britain, despite the Wellington-based firm recently winning a big road management contract. Australian markets were worse than expected, with a bad debt of $600,000 hitting the bottom line there.
Opus posted a net profit of $10.7 million for the half year to the end of June, down 4.8 per cent on the same period last year, which was boosted by a $1.4m tax credit.
Underlying operating profits were $14.4m, up 7 per cent on last year's earnings before interest and tax.
'This is a good result for Opus, given continuing weakness and uncertainty in the global economy,' Opus chairman Kerry McDonald said. Opus announced an interim dividend of 4.0 cents a share, fully imputed.
Chief executive officer David Prentice said: 'In New Zealand, we performed well. The market has strengthened in some areas and the Christchurch earthquake rebuild is gaining momentum.'
In New Zealand, revenues rose slightly to $144.7m. Profit margins improved from $12.28m last year to $15.45m this half year, with a couple of projects turning a higher level of profit.
'The New Zealand business continues to be very strong, albeit, the work out of Christchurch is netting off the work in other areas, which are not as strong as they have been.'
Taranaki Daily News