Australian crane rental provider Tutt Bryant posted AU $6.03 (about U.S. $5.9 million) in net profit for the fiscal first half of 2010 ended Sept. 30, compared with AU $13.8 million for the same period the previous year, a 56-percent year-over-year decline. Revenue dropped 28 percent to AU $125.9 million (about U.S. $116.6) for the half year.
Looking ahead, managing director David Haynes said there are reasons for cautious optimism, although trading conditions remain uncertain. Haynes said at this point the company cannot offer guidance for the upcoming year.
â€śThe groupâ€™s business outcomes for the half year were significantly impacted by subdued customer demand across all divisions, although business activity in the crane hire and heavy haulage division was more resilient,â€ť said Haynes.
The company posted net profit of AU$14.2 million (about U.S. $13.2 million) for the full fiscal year, a year-over-year decrease.