Ausenco shaves up to $17m from 2009 profit forecast

Ausenco shaves up to $17m from 2009 profit forecast

Engineering services provider Ausenco (ASX:AAX) has downgraded its profit forecast for calendar year 2009 by up to $17 million, as cautious clients put off commissioning building projects in the view of the fragile global economy.

The company said it expects to record an underlying net profit of between $26 and $30 million, compared to earlier projections of between $40 and $43 million.

CEO Zimi Meka said that Ausenco had won a number of new high profile projects over the course of the year. “[But] clients are taking more time to make decisions on when to proceed with the on-site procurement and construction activities of their projects.”

Ausenco, which improved its operating profit last calendar quarter, expects to post revenue of between $475 million and $465 million for the full year.

Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.

Join the newsletter!

Error: Please check your email address.

Tags Ausenco2009 Financial Resultsengineeringfinancial results

Show Comments

Market Place