Floods, COVID-19 lockdowns and higher subcontractor costs contributed to the drop in profit at the services group.
Downer EDI had an “extremely challenging” financial year due to COVID-19 lockdowns and the east coast floods, chairman Mark Chellew said as the company delivered a 17 per cent drop in net profit to $152 million.
“The impact of COVID-19 and severe wet weather patterns have materially impacted the company’s financial performance in 2022,” Mr Chellew said in Downer’s annual report.Higher subcontractor costs and other expenses like insurance and IT costs combined with lower revenues and a $42 million impairment contributed to the drop in profit compared with a year earlier, when Downer delivered net profits of $183.7 million.
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