News: Watpac forecast H1 profit fall

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Watpac Ltd (ASX:WTP) has warned that its consolidated profit for the six months to December 2010 is likely to fall as a result of sustained unseasonal wet weather on the east coast of Australia.

The construction company says it now expects consolidated profit to be in the range of $3 million to $5 million after tax, down from the $10.4 million reported in the previous corresponding period.

If the adverse conditions continue Watpac says it is unclear if it will be able to deliver results in excess of the $26.9 million delivered the year before.

The company says it will provide further guidance when the impact of the ongoing weather disruptions can be reliably measured.

Watpac booked a net profit of $26.9 million in the year to 30 June 2010.