Engineer GRD Ltd post $6.9 mln H1 profit

AAP General News (Australia)
08-28-2007
Engineer GRD Ltd post $6.9 mln H1 profit

SYDNEY, Aug 28 AAP - Engineering and waste disposal group GRD Ltd has posted a half
yearly net profit of $6.9 million, a significant improvement on the $579,000 loss for
the corresponding period last year.

GRD Ltd also reported a revenue increase of 38 per cent to $134.64 million for the
six months to June 30.

GRD said the significant increase in profit came from "the financial close of its Lancashire
Waste Project (in the UK), an improved contribution from GRD Minproc and lower corporate
and unallocated costs".

"Establishing the Lancashire Waste Project, in partnership with Bovis Lend Lease Ltd,
was a significant achievement and milestone for Global Renewables (GRD), being the culmination
of several years of development and providing a strong platform to secure further waste
projects of this sort in the UK," the company said.

"The profit before tax to the consolidated GRD group from the financial close of the
Lancashire Waste Project was $9.019 million."

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