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Watpac Northern Region caps off strong financial year with industry awards

Announcement posted by Watpac Limited 08 Sep 2010

Building awards follow positive financial results for Watpac.

Watpac’s Northern Region businesses have been recognised with two prestigious industry awards, capping off strong end-of-year financial results for the Company.

At the Queensland Master Builders Association (Northern Region) awards recently, the Construction division’s Ingham Hospital project won the award for Project of the Year, and took out the category of Health and Education Facility over $15 million.

The awards follow the Company’s recent release of its full-year financial results, reporting a 232 per cent increase in net operating profit before tax. Shareholders will receive a dividend of 11 cents per share for the year.

Watpac currently has approximately $330 million worth of construction, civil, and mining projects underway in the northern region of Queensland, employing over 400 people on its construction sites alone.

Construction projects include the Cleveland Youth Detention Centre expansion, and a number of projects for the Australian Defence Force.

The Civil & Mining division is currently undertaking the Flinders Street Mall Redevelopment project; the Pajingo Joint Venture—Janet A Pit mining project for Iluka Resources near Charters Towers; the redevelopment of the Gregory and Kennedy Development Roads; along with several civil and mining projects in the Bowen Basin region.

Greg Kempton, Watpac Managing Director, said the strong performance of the Northern Region businesses was indicative of the strength of the Company, which is celebrating 25 years as a publicly listed company this year.

“In the northern region of Queensland, there are ample opportunities for our construction, civil, and mining skills to be demonstrated on a range of projects,” Mr Kempton said.

“That is why we have been investing our resources in this region for almost 15 years, and why we continue to actively pursue challenging projects in north Queensland.

“Our ownership of our north Queensland regional office, maintenance facility and storage yard is an indication of this investment.

“The awards from the Queensland Master Builders Association demonstrate the skill and quality of our construction work, and it is an honour to be recognised by this respected industry group.

“We are very proud of our association with the Northern Region, and look forward to continuing to work in, and contribute to, this community for many more years to come.”


Note to editors:
Watpac is an ASX-listed company specialising in construction, civil engineering and mining, specialty services (including refurbishments), and property development. We have offices in Brisbane, Townsville, Sydney, Melbourne, Adelaide, and Perth. More information can be found at www.watpac.com.au.