Contract wins lead to record revenue for NRW

Revenue increased 2.2% to a record $A275.63 million, with the Civil and Mining divisions contributing $258.98 million of the total figure.However, earnings before interest and tax fell 21.6% to $25.78 million, while earnings before interest, tax, depreciation and amortisation fell 11.9% to $37.96 million.Net profit after tax fell 22.8% to $15.3 million.NRW managing director and chief executive officer Jeff McGlinn said new projects would ensure margins improve over time.The company was recently awarded the Western Turner Syncline project for Rio Tinto, a variation to BHP Billiton’s Rapid Growth Project 5. In addition, just yesterday, NRW announced it had been awarded a $120 million earthworks contract for Gindalbie Metals’ Karara iron ore project.NRW’s order book now stands at a record $720 million.The company said it remained confident of delivering a 20% increase in revenue for the 2010 financial year and expected NPAT to be $33-38 million.NRW said the outlook was positive with the tendering pipeline standing at around $2 billion.

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