Paladio half-year net profit dips 7%

Engineering and construction company Paladio Group has booked a 7 per cent dip in net profit after tax for the first half of fiscal 2009.

In its half year report released this afternoon, Paladio reported a net profit of $540,000, down from $579,000 recorded in the previous corresponding period.

"Income tax expense of $869,000 was derived at after adding back $300,000 of non-allowable equity based payments and other temporary differences," Paladio said.

"All prior tax losses have now been fully absorbed."

Revenue for the reporting period jumped 109 per cent from $59.6 million to $124.6 million.

Separately, the construction division delivered revenue of $118.4 million, up from the previous year's $55.2 million, while the engineering services arm reported an increasing in revenue from $4.2 million to $6 million.

Overall earnings before interest, tax and depreciation was up from $1.8 million to $2.7 million.

Cash at the end of the reporting period was $10.5 million.