PEC

PEC: Disappointing results. 4Q rev at $101.4m -18.5% yoy +15.6% qoq and net profit at $3.5m -63.6% yoy -63.6% qoq. A loss of $6.0m was from JVs which posted a gain of 362k last yr largely attributed to a $5.6m provision of unconfirmed claims from variation works. The settlement of such claims has yet to be concluded. On a full yr basis, rev fell 13.0% due to a more competitive business and macro environment. Co has guided for the same conditions in the future.

As of 30 June 2011, order book was approx $300m.

A dividend of 3c has been declared, 2c final, 1c special.