©AAP 2007Rain to impact Boom Logistics earningsTuesday Jul 17...

©AAP 2007
Rain to impact Boom Logistics earnings
Tuesday Jul 17 13:28 AEST

Crane and lift company Boom Logistics says its full year result for this financial year has been FURTHER impacted by heavy rain, high winds and flooding along the east coast of Australia.

Boom expects a full year net operating profit after tax of between $36 million and $37 million for the year ending June 30, 2007, the company said.

EXTREME weather conditions experienced over the past five months have CAUSED unplanned outages, Boom said, delaying the expected resumption of planned maintenance activities by many of its customers.

As well, the performance of the business has been HAMPERED by DELAYS in receipt of new equipment as a consequence of worldwide supply shortages, it said.

Boom Logistics chief executive Mark Lawrence said he was DISAPPOINTED by the impact of the abnormal weather conditions.

But Mr Lawrence said he remained confident about the outlook for the business and strength of the underlying profile for customer demand.

In the year to June 30, 2006, Boom Logistics earned a profit after tax of $33.1 million, a 111 per cent lift on the $15.7 million the company reported in the previous year.