Forge upgrades guidance to $14m

Construction company Forge Group has upgraded its full-year earnings guidance by 54 per cent following revised forecasts to its projects and the inclusion of a tax credit.

Forge said its tax advisors had advised that part of the company's net income from overseas construction activities undertaken during fiscal 2008 and 2009 should be re-classified.

The Nedlands-based company said initial calculations indicate a tax credit of $1.5 million from the income of $5.4 million for the 2008 financial year.

Subsequently, the income, along with revised project forecasts, will boost the company's fiscal 2009 guidance from $9.1 million to $14 million.

Shares in Forge climbed 7.5 cents to 50c at 15:36 AEST.