ENGINEERINGservices group Downer EDI Ltd reported a 28% increase in profit after tax to A$104m for the year to June 30 2005. Overall turnover was up from A$3·42bn in 2004 to A$3·97bn, but the Rail division’s contribution fell from 12·0% to 9·1%.
’This is our eighth successive year of earnings and profit increases, a record we are proud of’, said Managing Director Stephen Gillies. ’We have an underlying business prime exposure to the growth areas of transport, energy and infrastructure services. The outlook for these markets continues to be positive across all operating businesses.’
Rail turnover was A$360·9m, the decrease from A$409·9m in 2004 reflecting the completion of several rolling stock builds including Stage 2 of the Millennium train contract, but ’significant new orders during the period consolidated the division’s strong positioning across passenger and freight rolling stock supply and long-term maintenance, and have underpinned future earnings growth’, the company said.
