Crane Group has reported net profit down 27 per cent for fiscal 2010, but says it expects a better result in the current year.
The metals dealer and pipeline maker recorded net profit of $31.897 million for the year, down 26.8 per cent from fiscal 2009.
Profit before significant items was $36.835 million, down 34.7 per cent.
The company declared a final dfividend for fisacal 2010 of 22 cents, fully franked, down from 28 cents fully franked the year before.
"Whilst it is too early in the new financial year to forecast performance definitively, at this stage Crane Group expects that net profit after tax, before significant items for FY11 will be higher than that recorded in FY10," the company said in a statement on Monday.
"The extent to which earnings may be higher next year will depend in large part upon improvements in demand for pipeline products in the resources and civil construction sectors.
"Based on the expectation of improved conditions across a number of market segments, the profit performance of all three business units is expected to improve in the year ahead.
"All of the Group's business units have strong market positions, experienced management and clear strategic direction," Crane said.
The company said economic conditions had stabilised in both Australia and New Zealand as the fiscal 2010 progressed.
"Most forward indicators suggest that moderate growth is expected in Australia in FY11, with good growth expected in housing, mining and manufacturing.
"We are expecting no further market contraction in New Zealand in FY11."
AAP