Construction equipment and crane hire company Tutt Bryant Ltd
(ASX:TBG) has reported net profit after tax of $6.7 million for the nine months to December 31, 2009, down 49% on the same time a year ago.
The company says the result is due to a 29% decline in revenue to $180.1 million compared to $256.4 million recorded for the same period last year.
Looking ahead the company says it expects net profit after tax for the full financial year 2010 of between $7.5 million and $9 million.
Managing Director David Haynes says while the nine month earnings outcomes and prospective full year results are disappointing, the company’s operational outlook for fiscal 2011 shows signs of some recovery in customer demand with order books filling, especially in the crane hire division.
Tutt Bryant reported a profit of $14.21 million for the 12 months to March 30, 2009.
