Australian crane rental group Tutt Bryant said last week that profits for the first nine months of its fiscal year dropped 48.9 percent because of difficult business conditions. David Haynes, managing director of the company, called the results “disappointing,” as net profit for the nine months ended Dec. 31 fell to AU $6.7 (about U.S. $6 million), compared with AU $13.1 million for the previous corresponding period, with a 30-percent drop in revenue.

Tutt Bryant expects to post a fiscal 2010 net profit of between AU $7.5 million and AU $9 million.

“However, our operational outlook for fiscal 2011 shows some signs of some recovery in customer demand with order books filling, especially in the crane hire division,” said Haynes.

In other Tutt Bryant news, the company has formed a 50-50 joint venture with Italy’s Fagioli to boost its capacity in the Australian market. Known as TBF Oceania Pty Ltd., the JV will operate out of Perth, Australia, and be able to fulfill contractors with requirements to lift and move loads up to 32,000 tons.

Fagioli is a specialist in heavy lifting operations and transportation, with experience in the global oil and gas industry.