BLV 0.00% 23.5¢ blossomvale holdings ltd

worleyparsons first half profit surges

  1. 231 Posts.
    May be a good insight into the potential strength of the Neppy result.....the investor presentation released today is extremely positive about the strength of the energy industry.

    Australian engineering group WorleyParsons said its first-half net profit rose 61.6%.

    In early trade shares had dropped as much as 3.8%, or $1.50, to $38.50.

    WorleyParsons, which provides engineering and construction services to chemical and mining sectors, reported net profit of $152.7 million for July-December, up from $94.5 million reported a year earlier.

    Three analysts surveyed by Reuters had projected net profit at $157.6 million.

    Prior to today, WorleyParsons shares have fallen 23% in 2008, compared with a 10.6% drop in the benchmark S&P/ASX 200 index .

    ''Subject to conditions remaining favourable, we expect to achieve increased earnings in the second half of 2008,'' WorleyParsons chief executive John Grill said in a statement.

    WorleyParsons forecast strong demand on its Power and Infrastructure divisions, with significant opportunities for growth across the world.

    The engineering firm spent $72.7 million on acquisitions during the half, including Sydney-based Patterson Britton and Partners and US power group Polestar Applied Technology.

    ''The company continues to evaluate opportunities for new business growth that will add to our existing capabilities and provide value for our shareholders,'' Mr Grill said.

    WorleyParsons declared an interim dividend of 38 cents.

 
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