Tuesday 15th March 2011
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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.
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