Transfield on track for guidance

Construction and maintenance group expects FY profit between $65m-$75m.

Construction and maintenance group Transfield Services (TSE) says it remains on track to meet its full-year earnings guidance.

Transfield confirmed it expects to reach its net profit target of between $65 million and $70 million for the 2013/14 financial year.

The company said pre-tax restructuring costs of $6.3 million had been absorbed into the guidance.

Transfield has already cut 259 jobs and will let another 180 go this year as part of its restructure.

The guidance is based on the assumption there will be no further deterioration, or a significant improvement, in the current economic environment.

Transfield made a $250 million net loss for the 2012/13 year, which it attributed to a slowdown in the mining and process industries.

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