Hi Pioupiou,
At the end of year fy2018, the company said:
”As at 30 June 2018, NRW’s share of revenue is $68.9 million (2017: $25.7 million) and share of profit is $1.8 million (2017: $ nil).”
As you say, the actual margins on work are related to the non-tunnelling work NRW is doing and it seems unlikely that they are on the hook for sinkholes and tunnelling delays as a sub contractor to the JV.
However, if the JV took a hit for delays or extra remediation work needed or penalties for delays then this statement gives me a lot of comfort.
Also the expectation about being between these 2 profit/loss extremes is a guideance of sorts.
Ann: Half Year Results, page-31
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