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Watpac Limited (ASX:WTP) has been awarded the first stage of a contractor services agreement for the new $55 million Queensland State velodrome. 

 

The velodrome is part of preparations for the Brisbane Commonwealth games in 2018 and the construction company says the overall project value will be worth about $44 million.

 

Construction is set to begin in October and the company says they are in discussions with the Queensland government to finalise the contract for Stage 2 of the project.

 

Watpac reported a net profit of $7.4 million in the first half of the 2014 financial year.