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Australia's UGL FY14 underlying net up 22 pct
August 24, 2014 / 11:15 PM / 3 years ago

Australia's UGL FY14 underlying net up 22 pct

SYDNEY, Aug 25 (Reuters) - Australian engineering firm UGL Ltd said on Monday annual underlying net profit rose 22 percent on strong revenues from the UK and North Asia regions.

Underlying net profit for the year to June 30 came in at A$111.7 million ($103.9 million), up from A$91.5 last year, but below UGL’s February forecast of A$120 million.

Net profit, which includes restructuring costs and one-off items, was A$62.1 million, up from A$36 million in 2013.

UGL has struggled with high debt levels and falling profit as its main engineering services division experiences declining revenue but on Monday said it saw strong momentum in infrastructure opportunities. ($1 = 1.0756 Australian dollar) (Reporting by Swati Pandey; Editing by Richard Pullin)

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