Sharechat Logo

Downer EDI expects earnings hit from Christchurch quake

Tuesday 15th March 2011

Text too small?

Australian-based Downer EDI is expecting last month's Christchurch earthquake to reduce its earnings before interest and tax by up to A$10 million (NZ$13.7 million) for the full financial year.

The severity of the earthquake would place significant pressure on maintenance and infrastructure spending across New Zealand, the company said today.

Near term government spending would be reallocated from other areas and clients would freeze spending in the short term as they assessed the earthquake's impact and the required recovery plan.

"Downer expects to participate in the rebuilding and reconstruction of Christchurch, but the timing of that work is unknown at this point," the company said today.



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Fonterra Shareholders Fund (NZX: FSF) Fonterra provides Milk Price, earnings and Q1 update
Kiwi Property Group Limited (NZX: KPG) Signs Sale and Purchase Agreement with IKEA
2nd December 2021 Morning Report
The New Zealand Refining Company Limited (NZX: NZR) Launches Share Purchase Plan
Seeka Limited (NZX: SEK) Confirms Market Guidance
Australia and New Zealand Banking Group Limited (NZX: ANZ) Acknowledges Class Action Proceedings
1st December 2021 Morning Report
Livestock Improvement Corporation Limited (NZX: LIC) Appoints New Chief Executive
30th November 2021 Morning Report
Serko Limited (NZX: SKO) Announces Opening of NZ$10 Million Retail Offer