GRD Limited (GRD) is an ASX listed resource contracting and development company with two major divisions. Global Renewables builds, owns and operates urban waste treatment projects. GRD Minproc is an engineering contracting business specialising in the design, engineering and construction of resource projects.
For the calendar year ended 31 December 2007, GRD recorded a net profit after tax of $5.3 million, up $3.2 million, 160 percent from 2006.
The increase in the group's earnings reflects the strengthening of GRD Minproc business coupled with the contribution to profit from the financial close of the Lancashire Waste project in March 2007.
Following GRD's divestment of its Oceana Gold subsidiary in New Zealand in 2006, GRD's delisting from New Zealand Stock Exchange (NZX) was approved by NZX and took effect from 19 October 2007. GRD is continuing to trade on the Australian Securities Exchange.
Global Renewables' development in the UK sees work continuing on delivering the 50 percent-owned Lancashire Waste PFI Project, with construction of the overall project now approximately 40 percent complete and on schedule. Global Renewables continues to pursue further opportunities in the UK.
In Australia, the Eastern Creek waste processing facility continues to improve its operational performance under new management. The facility has achieved consistent throughput during the first half, averaging its 175,000 tonnes per annum design capacity. This level of operational performance is expected to continue and improve going forward.
GRD has announced that they are seeking a strategic equity partner for Global Renewables with interested parties from both Australia and the UK undertaking due diligence. It is expected that a restructure will be announced in late 2008 and transactions concluded prior to the end of 2008.
For more information please visit the Global Renewables Limited website