Construction equipment provider Tutt Bryant Group Ltd
(ASX:TBG) has posted a big drop in profit for the half year as a result of softer customer demand across all of the company’s divisions.
Net profit for the six months to September 30 came to $6.03 million compared to $13.8 million recorded in the same period last year.
Revenue declined 28 per cent to $125.9 million.
Managing director David Haynes says as foreshadowed the group’s business outcomes for the half year were significantly impacted by subdued customer demand across all divisions, although he says business activity in the crane hire and heavy haulage division was more resilient.
Looking ahead Mr Haynes says that while there are reasons for cautious optimism, trading conditions generally remain uncertain, and the company is at this stage not in a position to give any reliable guidance for the full year.
The company expects to be in a position to provide an earnings update in February 2010 when it releases its financial results for the nine months to December 2009.
Tutt Bryant posted net profit of $14.2 million in 2009 a big drop from the year before.
