Cimic Unveils Bigger Order Book as 1st Half Profit Lifts
July 17 2019 - 3:43AM
Dow Jones News
By David Winning
SYDNEY--Construction and mining services contractor Cimic Group
Ltd. (CIM.AU) on Wednesday said its first-half net profit edged
higher, supported by a bigger order book spanning New Zealand to
southern Africa.
The Australia-listed company reported a net profit of 366.7
million Australian dollars (US$257 million) for the six months
through June, up 1.1% from a year earlier. Revenue lifted by 0.3%
to A$6.96 billion, while net cash increased by 5% to A$1.4
billion.
"We have a strong foundation for profitable growth," said
Executive Chairman Marcelino Fernández Verdes in a regulatory
filing.
Cimic stuck with an earlier forecast for a A$790 million-A$840
million net profit in 2019, which would represent an increase of
7.6% if the top end of the guidance range is achieved. Directors of
the company proposed an interim dividend of A$0.71 per security,
slightly higher than the A$0.70 payout at the corresponding stage a
year earlier.
Investors focus on Cimic's work pipeline as a signal about
future profits. Cimic said its order book had risen by 8% over the
past year to A$36.8 billion, and recent wins include a five-year
extension to a deal providing support services to Sydney Trains in
Australia, and a nine-year contract to provide work at the Jwaneng
diamond mine in Botswana.
-Write to David Winning at david.winning@wsj.com
(END) Dow Jones Newswires
July 17, 2019 03:28 ET (07:28 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
CIMIC (ASX:CIM)
Historical Stock Chart
From Mar 2024 to Apr 2024
CIMIC (ASX:CIM)
Historical Stock Chart
From Apr 2023 to Apr 2024
