Downer EDI Limited (Downer) today announced underlying earnings before interest and tax (EBIT) of $292.2 million for the year ended 30 June 2011, 8.1% lower than the previous year. Underlying net profit after tax (NPAT) was 15.7% lower at $166.4 million.
Total revenue was $7.0 billion, up 15.2%, with revenue growth driven by the Mining, Rail and Engineering businesses.
On 27 January 2011, Downer announced an additional pre-tax provision of $250.0 million in respect of the Waratah train project. As a result of this provision and impairments of $7.8 million relating to CPG New Zealand and $8.8 million relating to the UK Works business, Downer reported a net EBIT of $25.7 million and a net loss after tax of $27.7 million.