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Paul Y-ITC up 13pc but short of forecasts

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Building and civil engineering company Paul Y-ITC Construction Holdings has posted a 13.3 per cent increase in profit attributable to shareholders for the year to March 31.

Profit rose to $261.12 million from $230.38 million the previous year.

The result was below market expectations.

Analysts had expected the company to produce a profit of $303 million.

Turnover rose 33.7 per cent to $5.3 billion, while pro forma turnover - which includes proportionate share of turnover of associated companies - soared 46.8 per cent to $6.37 billion.

Earnings per share rose to 26.6 cents from 26.3 cents a year earlier.

The directors recommended a final dividend of 7.8 cents per share, down 35 per cent from the 12 cents paid in the previous year.

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