Engineering group Bradken has posted a sharply lower December half net profit ahead of expectations but warned of rising international competition amid ongoing firm resource sector demand.
The net profit of $38.1 million, down 18.5 per cent, came in ahead of some expectations of a net profit of $28.3 million for the half.
The company warned at its annual general meeting last year that December half earnings would be weak, with the focus on whether this marks the bottom of the cycle or whether a rebound will kick in from here.
The interim dividend was cut to 15c from 20c, while earnings a share fell to 22.5c from 27.8c a year earlier.
Earnings before interest, tax, depreciation and amortisation were $86.2 million, slightly ahead of guidance, it said, with the full year forecast at $180 million.
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