News: Watpac FY result improves

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Watpac Limited (ASX:WTP) has booked a full year net loss of $4.7 million, a significant turnaround on last year’s $50.2 million loss.

 

The latest result was impacted by the closure of Watpac's civil engineering operations on Australia’s east coast, plus impairments on some of its properties.

 

Underlying profit, which excludes those items, was $17.2 million.

 

Chairman Chris Freeman says fiscal 2013 has been a period of consolidation and reform for the group, but the company maintains its long term profitable outlook.

 

Watpac will not pay a full year dividend, but declared its intention to pay dividends from profits earned in the future.