Business Services Industry
No bonus as Downer placates punters.
Australasian Business Intelligence, November, 2006
Byline: Teresa Ooi
Nov 01, 2006 (The Australian - ABIX via COMTEX) -- Senior executives of Australian engineering firm Downer EDI attempted to placate disgruntled shareholders on 1 November 2006. In August 2006 the company reported an unexpected 2005-06 loss of $A25 million, largely due to write-offs of $A163 million from a contractual dispute with Iluka Resources. At the AGM, Downer MD, Stephen Gillies, revealed that following a 30 per cent share price deterioration to a low of $A4.91 on 9 August 2006, he and senior management would forgo bonuses and variable remuneration worth approximately 30 per cent of their packages. Downer has forecast a strong result in 2006-07 - revenue growth to $A5.2 billion, EBIT of $A275 million and net profit of $A155 million -...
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