Restructuring causes profit fall for UGL
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AAP
2013-02-27
Engineering firm UGL's first half profit has slumped by 53 per cent due to $25 million in costs from a restructure.
UGL made a net profit of $26 million in the six months to December 31, down from $55.4 million in the previous corresponding period.
Underlying net profit, which excludes the costs of its restructure and rebranding of one of its businesses, was $51 million in the six months to December, down from $72.2 million in the previous corresponding period.
Chief executive Richard Leupen said cost overruns on several infrastructure projects also contributed to the weaker performance, but those projects are now either complete or near completion.
"With the restructuring and repositioning now largely behind us, UGL is now returning to normal trading in the second half of financial year 2013," Mr Leupen said in a statement on Wednesday.
