Forge upgrades profit guidance

Forge Group has upgraded its forecast net profit before tax for the first half of the 2011 financial year to between $25 million and $27 million.

In a statement to the Australian Securities Exchange, Forge said this represents an improvement on the previous corresponding period of up to 42 per cent.

On August 17, Forge announced a $29.5 million profit for the 2010 financial year.

Since then the company has won several large contracts including the $26 million contract for Onshore Building Package #3 at Woodside's Pluto LNG Project in Karratha.

Forge's wholly owned subsidiary Abesque Engineering won a $40 million construction and commissioning contract for Hillgrove Resources' Kanmantoo Copper Project.

Forge shares finished the day slightly higher up 3 cents to $2.76.