Transport services were the biggest contributor to Downer’s earnings in fiscal 2021, down 2.8 per cent to $242.4 million, followed by utilities services, where earnings dropped 16 per cent to $136.1 million.
Downer is restructuring its business operations to wind down risky engineering and construction contracts, including solar, coal and iron ore projects, and focus on urban services.
Downer’s results included restructure costs of $35.6 million, and $10 million in transaction costs after putting its mining and laundries businesses up for sale. It also wrote down its IT systems by $26.1 million.
The company will proceed to buying out the remainder of Spotless it does not already own after entering a call option deed with New York hedg…
Read the full article at: https://www.afr.com/companies/infrastructure/downer-to-restart-dividends-in-fiscal-2021-20200811-p55kqi