Maintenance and project management services provider Transfield Services Ltd
(ASX:TSE) says it earned profit of $40.1 million for the first half of fiscal 2010 up 33% on the same time a year ago.
Transfield reduced its net debt to $270 million at the end of the half driven by a reduction in net working capital days from 13 to 5 compared to the same period a year ago.
CEO Dr Peter Goode says operational highlights include a solid performance from its infrastructure and facilities management business and a greater than 90% success in contract renewals across the business.
The company also maintained its forecast for flat or modest net profit after tax growth in fiscal 2010 and says it expects a return to growth in the 2011 financial year underpinned by the recovering global economy and increase in business discipline and efficiency.
Transfield declared an interim dividend of 5 cents a share. Transfield Services posted a $55 million loss for fiscal 09.
