Forge Group revises earnings guidance

Project delays in Ghana have prompted Como-based construction company Forge Group Ltd to revise its earnings guidance to between $10.5 million and $12.5 million.

The company had previously issued a net profit before tax from operations of $12 million and group revenue at $140 million.

However Forge today announced it expected revenue of $120 million for the 2008 financial and net profit of up to $12.5 million.

"Group revenue was primarily impacted by project delays in Ghana, West Africa caused by late supply of materials to a construct only project," Forge said.

Over the 2007 financial year, the group reported a net profit before tax of $3.9 million on a revenue of $74 million.

Forge said this year's results will represent an increase of between 170-220 per cent in operation earnings on a 62 per cent increase in revenue.