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adsteam warns on profit. 2005/02/24



Adsteam experiences slippage

Maritime services company Adsteam Marine warned today its full-year profit was expected to be below last year's after reporting a 13 per cent increase in first-half net profit.

Adsteam today reported a net profit of $12.8 million for the six months ended December 31, 2004, built on operating revenue of 10 per cent stronger at $164.3 million, together with cost reductions. Total revenue rose to $170.3 million from $152.9 million.

Adsteam, one of the world's largest independent harbour towage operators, lifted its interim dividend to 2.4¢ a share fully franked from 2.1¢ in the previous corresponding period.

The company expected net profit slightly below the $23.1 million in the 2004 financial year after goodwill and allowing for restructuring costs in the current year, managing director John Moller said.

AAP