Downer looking up

Downer EDI’s results show no impact from the ongoing slowdown, and company chief executive and managing director Geoff Knox said the strong result was due to the company’s diversified earnings stream and Asia-Pacific footprint. “We see no material change to our financial year 2009 guidance, although we continue to monitor our end-markets closely,” he added. The company booked a net profit after tax for the half year of $85.4 million, up 4% on the same time in 2007. Turnover was up 6% to $2.9 billion, while earnings before interest and tax came to $138.5 million, also up 6%. Downer’s order book is also still strong, with some $11.5 billion in the works, up 14% on the second half of 2007. The mining division performed strongly, with turnover increasing by 4% to $551.9 million and EBIT increasing by 20% to $26.7 million. The company’s other divisions include road, rail and water services and engineering services.

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