News: Transfield FY result rebounds to profit

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Transfield Services Limited (ASX:TSE) has rebounded to an annual profit from a loss of $245.5 million the year before.

 

The maintenance and construction services company generated a net profit of $53 million in the 2014 financial year.

 

Managing Director and CEO Graeme Hunt says the result was in line with guidance and achieved despite challenging market conditions.

 

Looking ahead Transfield has forecast higher earnings amid expectations positive momentum will continue into the current 2015 financial year.

 

The outlook has been aided by extended and expanded government contracts, the return of volumes in the telco sector and extra capacity in the oil and gas sector.

 

No dividends have been declared over the year with the company prioritising its cash to debt reduction.