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Hastie warns strong dollar could impact earnings

Hastie warns strong dollar could impact earnings

Building services provider Hastie Group (HST) has affirmed its full-year guidance of earnings in line with FY09, but warned that the strong Australian dollar could impact foreign takings.

Group CEO David Harris said Hastie’s fortunes depend to an extent on the movement of the Australian dollar, which has appreciated 15-20% against Hastie’s key foreign trading currencies in recent months.

The company recorded revenue of $1.8 billion in 2009, a 40% improvement from the prior year. Net profit grew 53% to $58 million.

“It has been an extremely challenging year and, while 2010 is likely to be a challenging year again, we look forward with optimism to the future,” Harris said.

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Tags financial resultsconstructionHastie Group

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