News: Downer reports FY profit and exceeds guidan

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Downer EDI Limited (ASX:DOW) has exceeded its full year guidance, reporting a 17 per cent rise in its underlying net profit to $195.3 million.



The engineering services company swung to a full year net profit of $112.9 million after it booked a net loss of $27.8 million in the previous year, largely due to an increase in earnings in its mining division, driven by new contracts and an increase in work levels.



Downer expects to deliver net profit of about $120 million for the 2013 financial year.



The board did not resolve to pay a final dividend.