Paul Y-ITC up 13pc but short of forecasts

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.

The payout for the year was 11.8 cents a share, against 16 cents previously.

The company said contracts on hand at the end of March had risen 52.2 per cent to $16.8 billion, and at the start of this month, these were up 30.2 per cent to $18.73 billion.

The directors did not comment on the company's performance during the year, nor on its prospects.

Paul Y-ITC's shares fell 1 cent yesterday to $1.94, well off the 52-week high of $2.925 set in September last year.

Major shareholders in Paul Y-ITC include New Zealand's Brierley Investments, and Hong Kong's International Tak Cheung Holdings and Cheung Kong (Holdings).

Some analysts are concerned the coming few years could be slow for the company as the airport core projects wind down.

However, the company has said it remained upbeat about its prospects.

LOW SIDE Analysts had expected the company to pull in $303m in profits They are concerned about a lull as airport job winds down