Fulton Hogan slows Australian growth goals as annual earnings plunge 89 percent

Sun, 25 Nov 2012

By Paul McBeth Nov. 26 (BusinessDesk) - Fulton Hogan, the privately-held construction company, has slowed its growth aspirations across the Tasman after problems with a joint venture in New South Wales eroded earnings, leading to an 89 percent drop in annual profit. Net profit sank to just $7.9 million in the 12 months ended June 30, from $73.9 million a year earlier, which departing chairman Ed Johnson described as a "disappointing and totally unacceptable group performance" in the company's annual review, mailed to shareholders. Revenue gr...

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