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Programmed Maintenance Services Ltd has posted a 58 per cent drop in annual net profit

Programmed Maintenance Services Ltd has posted a 58 per cent drop in annual net profit but forecast an improvement in earnings in fiscal 2012.
The company's net profit for the year to March 31 was $10.4 million, down from $24.9 million in the previous corresponding period.
The result includes an $11.8 million loss from the company's exit from the UK market.
 
Profit from continuing operations was $17.5 million, up from $14.1 million in the previous corresponding period.
 
Earnings before interest, tax and amortisation (EBITA) from continuing operations were $41.6 million, up 26 per cent on $56.4 million in the previous corresponding period.
 
The company, which provides staffing, maintenance and project services, said it expected group earnings to increase in the current fiscal year due to stronger demand and a lower cost base across all its divisions.
 
Programmed declared a fully franked dividend of six cents, in line with the previous year.
 
The company said demand in the retail, commercial and light industrial sectors remained tight, and many retail and commercial clients were restricting maintenance and project spending.
New opportunities were under development in the public sector, Programmed said.
 
Demand in the resources sector had increased, with more offshore oil and gas opportunities forecast in fiscal 2012, it said.
 
The general staffing sector was recovering, with leading indicators pointing to increased labour demand, but small and medium sized businesses generally remained cautious, Programmed said.

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