Engineering company GRD Ltd
(ASX:GRD) has today announced a $5.2 million profit for the six months to June 30 compared to a loss in the first half of 2008.
The company is currently the target of a $106 million takeover by London based AMEC.
The company says the stronger result was achieved despite the uncertainty experienced in the resources sector during the period that negatively impacted on the trading of the core GRD Minproc engineering business.
GRD Minproc recorded a $9.2 million pre-tax profit for the half on revenue of $99 million, down 21 per cent on the same period last year.
CEO Cliff Lawrence says the volatility in market conditions is expected to provide ongoing challenges to GRD Minproc for the remainder of 2009, with 2010 providing a more positive outlook.
GRD posted a $62.2 million loss for 2008.
