News: Transfield drop in profits

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Transfield Services Ltd (ASX:TSE) reported a drop in first half pre-tax profits to $14.8 million, a drop of 66 per cent.

The maintenance group said the strong Australian dollar had hurt profits from international operations.

Core local operations had been affected by difficult conditions, reducing sales volumes.

Net profit was also weakened by almost $17 million in restructuring costs.

Transfield paid an interim dividend of 5 cents a share.

Transfield Services booked a net profit of $73.55 million in the 2010 financial year.