Business Services Industry
Only way is up, assures Downer.
Australasian Business Intelligence, November, 2006
Byline: Jamie Freed
Nov 01, 2006 (The Sydney Morning Herald - ABIX via COMTEX) -- Australian engineering firm Downer EDI has assured investors that its financial performance will start to improve. The company reported an unexpected loss of $A25m for 2005-06, with the result affected by more than $A160m in provisions related to construction contracts including Iluka Resources' Douglas mineral sands project in Victoria. Downer EDI managing director, Stephen Gillies, reaffirmed the group's profit forecast for 2006-07 of $A155m. Downer's shares are still trading more than 12 below the price prior to the profit announcement in August 2006, and there has been speculation the company may be the target of a takeover offer. There have been suggestions that Macquarie...
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