CIM cimic group limited

News: CIM Cimic Group Says Settlement Achieved On West Gate Tunnel Project

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    Dec 17 (Reuters) - CIMIC Group Ltd (CIM) :

    • SETTLEMENT ACHIEVED ON WEST GATE TUNNEL
    • CIMIC GROUP LTD NOW SEES STATUTORY AND UNDERLYING NPAT OF A$400-430 MILLION FOR 2021 FINANCIAL YEAR
    • CPBJH JV CONTRIBUTION WILL BE A NEGOTIATED REDUCTION OF REVENUE OF A$600 MILLION
    • CPBJH JV WILL FOREGO PROFIT MARGIN FROM PROJECT
    • SETTLEMENT ALLOWS TUNNELLING WORKS TO COMMENCE IN EARLY 2022 WITH A REVISED EXPECTED COMPLETION DATE OF LATE 2025
    • SETTLEMENT INCREASES CONTRACT VALUE OF PROJECT TO CPBJH JV TO A$8.57 BILLION FROM A$4.99 BILLION
    • TERMS PROVIDE FOR CONTRIBUTIONS FROM VICTORIA STATE (A$1.9 BILLION), TRANSURBAN (A$2 BILLION) TO ENSURE PROJECT COMPLETION

    ([email protected])

 
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