Watpac lifts profit by 50pc

QUEENSLAND's largest publicly listed construction company, Watpac has posted a 50% increase after tax profit result.

The company reported a net profit of $27.16 million for the 12 months to June 2007 compared to $18.11 million in 2006.

Watpac’s chairman Kevin Seymour said all divisions contributed to the increase in profitability with the Queensland construction division improving its performance on the back of a buoyant local construction market.

“Shareholders can rest assured the outlook for the 2008 year is for increased profits as the company continues its operational growth and geographic expansion across Australia.

“Looking forward, the company has built substantial inventory across the group with a record construction workbook of approximately $970 million. In addition, Watpac’s Property portfolio is also robust and has increased to approximately $302 million in 2007 compared to $74 million at June 30 2006,” he added.

Seymour declared a final fully franked dividend of 11 cents per share, bring the total dividends for the year to 18 cps, compared to 12 cps in 2006.

Watpac ended the day 15 cents lower at $4.92.

Australian Property Journal