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YEAR END RESULTS ANNOUNCEMENT IN RESPECT OF MCCONNELL DOWELL CORPORATION LIMITED
AVENG LIMITED
ANNOUNCEMENT TO THE AUSTRALIAN & NEW ZEALAND STOCK EXCHANGES
McCONNELL DOWELL CORPORATION LIMITED ("MDC")
Results for Year Ended 30 June 2002
The Directors report a net profit after tax of A$5.729 million for the year
ended 30 June 2002. This compares with a profit of A$1.062 million in the
corresponding prior period.
Sales revenue for the group was A$551.960 million for the year. The revenue for
the corresponding prior period was A$404.450 million.
The net profit for the year of $5.729 million equates to 13.6 cents per share
compared with a profit of 2.52 cents for the corresponding prior period.
Work in hand (including the McConnell Dowell share of joint venture work) as at
30 June 2002 was $470 million compared with $460 million as at 30 June 2001.
This historically high level of work in hand means another year of healthy
revenues for the year ended 30 June 2003.
A$000`s unless otherwise Twelve Months to Twelve months to
shown June 2002 June 2001
Sales revenue 551,960 404,450
Other Revenue 5,618 5,714
Depreciation & Amortisation 11,535 10,476
EBIT 7,480 547
Net Interest 214 515
Revenue/(Expense)
Profit/(Loss) before Tax 7,694 1,062
Taxation (1,965) -
Outside Equity Interest - -
Net profit/(Loss) after Tax 5,729 1,062
Attributable to Shareholders
of MDC
Earnings per Share (cents) 13.6 2.52
Net Assets per Share (whole $2.21 $2.30
dollars)
Whilst being pleased with the overall improvement over the previous year the
Company has steps in train to achieve improved profitability consistent with the
strong order book and current market conditions.
The Directors have declared a final dividend of 3 cents per share (unfranked)
payable on 12 November 2002 (dividends being 6 per share for the year ended 30
June 2002).
McConnell Dowell Corporation Ltd is an Australian based engineering and
construction company offering specialized heavy and marine civil, pipeline
construction and mechanical and electrical services to a geographically diverse
selection of quality clients.
For and on behalf of the Board of
McConnell Dowell Corporation Limited
D.G. Robinson
Chief Executive Office
27 August 2002
Enquiries:
D.G. Robinson
McConnell Dowell Corporation Limited
Tel: (03) 8805 5200
Fax: (03) 8805 5375
Date: 28/08/2002 08:53:00 AM Produced by the JSE SENS Department
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