Bradken MD Says Crisis Over, Growth in Earnings
The Managing Director of Bradken (ASX: BKN), Brian Hodges says that the financial crisis faced by the company was over.
The global manufacturing company headquartered in Australia reported a net profit of $ 70.4 million for the year up to 30 June 2010. The company expects earnings to grow at 15 to 20% for the year 2010-11.
Mr. Hodges said that they expected volumes to exceed pre-crisis levels for mining and strong improvements for industrial markets. He said that the rail business had recorded a very strong profit result on the back of good volume and significant cost reductions in the company's Chinese operation.
Chis Counihan, a Credit Suisse analyst also seems to share the MDs enthusiasm and said that the debt reduction by Bradken along with increased operating cashflows and a 5% increase in staff number over the period does illustrate that the business was recovering.
Goldman Sachs & Partners analyst Chris Savage said he was initially a "little surprised" by Bradken's guidance for 2011, but said the company was being conservative. The company boosted final dividend from 13c to 21c a share, fully franked and payable on September 13.
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Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.
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