News: Downer on track to reach FY13 target

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Downer EDI Limited (ASX:DOW) says it has performed in line with its expectations in the new financial year and is on track to reach its full year earnings and profit targets.

 

Speaking at the engineering company’s annual general meeting today, CEO Grant Fenn affirmed the company maintains its guidance despite future market uncertainties. 

 

Downer expects to deliver earnings before interest and tax of $370 million and net profit of $210 million in the 2013 financial year. 

 

However, Mr Fenn has warned Downer witnessed a number of prospective projects deferred over the past two months and says he expects competition for available work to increase. 

 

Downer reported a full year net profit of $113 million in the 2012 financial year.