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As of 10:10 PM 12/23/14 All times are local (Market data is delayed by at least 15 minutes).

watpac ltd (WTP) Snapshot

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01/31/14 - A$1.03
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11/3/14 - A$0.71
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watpac ltd (WTP) Details

Watpac Limited is engaged in construction, property development, and civil and mining services businesses in Australia. The company operates through three segments: Contracting, National Mining & WA Civil, and Property. It offers building, refurbishment, project management, and construction management services for sports, health and science, defense, education, residential, commercial, retail, and industrial sectors, as well as for resource companies, airports, and real estate investment trusts. The company also it develops, sells, and leases commercial office buildings, retail centers, industrial land and facilities, residential land, apartments, and marinas. In addition, its mining services include project management, contract open-cut mining, drilling and blasting, and mineral and processing facilities; and civil services comprise mine access and haul roads, tailings dams, airfields, storage dams, marine works, bulk earthworks, bridge works, road works, drainage, and pipework and HDPE liner installation services. Further, the company undertakes technical refurbishment projects in the areas of aged care, health, commercial, education, food-related facilities, and various other construction disciplines. Watpac Limited was founded in 1983 and is headquartered in Newstead, Australia.

1,150 Employees
Last Reported Date: 08/19/14
Founded in 1983

watpac ltd (WTP) Top Compensated Officers

Managing Director and Chief Executive Officer
Total Annual Compensation: A$818.2K
Chief Financial Officer and Company Secretary
Total Annual Compensation: A$477.0K
General Manager of National Mining & Wa Civil
Total Annual Compensation: A$528.3K
General Manager of Construction
Total Annual Compensation: A$471.9K
Compensation as of Fiscal Year 2014.

watpac ltd (WTP) Key Developments

Watpac Limited Announces Resignation of David Little as Director, Effective 31 December 2014

Watpac Limited advised that Mr. David Little has informed the company of his intention to resign as a Director of Watpac on 31 December 2014. Mr. Little has been a Watpac Director since May 1985, having held the position of Managing Director of the company from the date of his appointment as a Director until 30 January 2004.

Watpac Ltd. Provides Earnings Guidance for the Half Year Ending December 31, 2014 and for the Fiscal Year 2015

Watpac Ltd. provided earnings guidance for the half year ending December 31, 2014 and for the fiscal year 2015. While the exact timing of the start of profit recognition on some recently commenced construction projects is still not yet definitively known, at this time it is anticipated the group will record an underlying net profit for the half-year of $5 million -$7 million. For the fiscal year 2015, the company announced a market update on its current expectation regarding the full-year underlying net profit result and anticipated underlying result for the December 31 half-year. The company currently estimates this adverse profit impact in for 2015 is in the range of $2 million-$4 million. Following a recent review of all the group's construction and mining services projects, Watpac currently anticipates the underlying net profit for the full year to be broadly in line with the $17.85 million after-tax statutory result delivered in the June 30, 2014 financial year.

Watpac Limited Provides Update on Mining Services Contract at Cockatoo Island

Watpac Limited noted that following the appointment of receivers and managers to Pluton Resources Limited on October 31, 2014, the company took steps to suspend its existing mining services contract for works at Cockatoo Island (contract). Watpac also indicated that it expected to meet with Pluton's receivers earlier this week, following which the company would assess the status of the contract and whether to resume mining services at Cockatoo Island or proceed to terminate the contract. Over the past few days Watpac has held several discussions with Pluton's new receivers from KordaMentha in relation to the status of the contract. Encouragingly, Watpac has recently agreed to complete some limited scope works on site, under the direction of KordaMentha and on a fully indemnified basis in relation to payment for these services. Since this agreement was made, Watpac has continued discussions with KordaMentha in relation to the provision of other future works and is hopeful of reaching an arrangement to undertake further activities at Cockatoo Island under KordaMentha's instruction. The company will continue to keep the market informed of any further developments on the contract.


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