MCCONNELL DOWELL PULLS IN THE PROFIT
Johannesburg - Tuesday August 27, 2002
In line with its forecast at half year McConnell Dowell Corporation, the
Australian construction group in the Aveng stable, has reported good
earnings for the 12 months to June 30, 2002.
McConnell Dowell's net profit after tax rose from A$1 062 000 to A$5 729 000
for the period on revenue that rose to A$551 960 000 from A$404 450 000.
McConnell Dowell's attributable profit of $5 729 000 is equivalent to 13,6
cents a share, more than four times higher than the year ago figure.
McConnell Dowell, which is listed on both the Australian and New Zealand
exchanges, offers specialist, heavy civil, mechanical, electrical and
pipeline construction services to a geographically diverse selection of
quality clients, mainly in South East Asia and the Middle East.
According to the company, work in hand, including McConnell Dowell's share
of joint venture work, was A$470-million at the end of June compared to
$460-million earned in the 12 months prior. This historically high level of
work in hand means another year of healthy revenues for the 12 months ending
June 2003.
Whilst being pleased with the overall improvement over the previous year,
McConnell Dowell has plans in place to achieve improved profitability
consistent with the strong order book and current market conditions.
The directors have declared a final dividend of 3 cents a share payable on
November 12. 2002 making a total of 6 cents for the year.
Please note:
Aveng Limited is a South African based group. It was listed on the JSE
Securities Exchange SA in July 1999 with the stated objective of becoming a
globally competitive construction-related group focused principally on the
developing world.
Its major businesses are
* Construction :
* Steel and Allied
* Cement
Aveng's objectives are to achieve
* PE rating in the top three of the BCE sector
* Long-term real ROE of 10%
* Minimum 25% of earnings in hard currencies
Visit our website - www.aveng.co.za
Ends
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