This article is 11 years old. Images might not display.
Total revenue rose 20% to $4.7 billion, including $300 million of contributions from joint ventures.
Earnings before interest and tax rose 5.6% versus the first half of fiscal 2012 to $169 million.
Downer chief executive Grant Fenn said the results reflected substantial revenue growth in each of the company’s three divisions.
Downer Mining revenue lifted 17% over the period to $1.3 billion on the back of ramped up work at Western Australia’s Karara iron ore mine and Queensland’s Meandu coal mine
Downer Infrastructure revenue rose 24% compared to last year, to $2.6 billion, on strong performance across road infrastructure services and resource-based projects in Australia’s eastern states. Infrastructure EBIT was 51% higher at $86 million.
Downer’s rail division marked a 27% increase in revenue over the half year to $700 million, driven largely by the Waratah passenger train project. Rail division EBIT, however, was down $34 million from the previous corresponding period due to weaker locomotive sales to BHP Billion Iron Ore and Fortescue Metals Group.
In financial 2013, Downer expects to deliver underlying EBIT of $370 million and a net profit of $210 million.
Downer shares were trading 14% higher today, at $5.56.