29 Oct 2014

Opus project to trim profit

10:05 am on 29 October 2014

Shares in Opus International Consulting sank nearly 10 percent yesterday after the company said a large project will clip $5.5 million off its annual trading profit.

The former Ministry of Works engineering consultancy says its margins in New Zealand were impacted by a loss on the project as well as bidding costs of nearly $2 million.

Opus reported a 6 percent rise in first-half profit to nearly $10 million.

Despite these project losses, the chief executive, David Prentice, says the impact on net profit may be more than offset by favourable accounting adjustments to asset values.

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