bought at 7.78

Sydney - Friday - May 30: (RWE Australian Business News) -
Babcock & Brown Ltd (ASX:BNB) today reaffirmed it remained on track to
deliver net profit of at least $750m in 2008, despite "challenging"
global credit markets.
Speaking at the annual meeting in Sydney, chairman Mr James
Babcock said, "it is important to note that we continue to believe
strongly in the portfolios of our funds, and that we are working on a
range of strategies to demonstrate their value and narrow the gap
between that value and current share prices".
"In addition, we remain absolutely confident in our basic
business model, which is supported by strong global dynamics and
prospects in all of our core business areas," he said.
Managing director and chief executive Mr Phillip Green said the
company's guidance was based on a number of factors including:
* strong locked-in growth in recurring revenue from its growing
specialised fund and asset management platform;
* significant identified growth in revenue generated from its
development pipeline in wind energy, power transmission, PPP projects
and residential real estate developments;
* more than $5bn in committed uninvested capital across its
specialised funds platform concentrated in infrastructure and aircraft
operating leasing; and
* acquisitions already made by its specialised fund platform in
008. The guidance takes into account writedowns in asset values, as
well as some realised losses.