Australian crane rental company Tutt Bryant reported a post-tax profit of $8.9 million for the year ended March 31, down 37 percent compared with 2009. Revenue dropped 25.1 percent from $321 million to $240.4 million.
â€śDespite the FY10 decline in sales revenue, the groupâ€™s balance sheet remains strong and its competitive position is robust,â€ť said managing director David Haynes. â€śDuring this period of reduced market demand we have taken the opportunity to ensure that all divisions are structured to operate with a lower variable cost profile to position the group for strong revenue growth as demand picks up in FY11.â€ť
The company said it sees encouraging indications that revenues and operating margins will improve the next fiscal year.