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Devine Sees Substantially Higher FY07 Earnings
December 21st. 2007 - Australasian Investment Review – (AIR)

Devine (DVN) announced today that expects its 2008 full-year profit to be substantially above last year.

The property construction and development group said this positive guidance has been made on the basis that the $75 million sale of its Currumbin project on the Gold Coast to FKP Property Group is completed, forecast land development timeframes are met and that the company’s office development at 333 Ann St in Brisbane is completed.
The Devine Directors also announced that the results for the first half net profit will be above the corresponding period for last year.

“The 2007 half-year results are expected to be in the range of 15% to 20% above the $6.987 million profit after tax reported for the six months ending December 06,” Devine said in a statement.

Contributing to the positive first half performance has been the return to profitability of Devine’s Housing and Land Division, above budgeted profits from the settlement of its Charlotte Towers project as well as Devine’s new Joint Venture agreement on its Hamilton Harbour project with Leighton Properties.’

Devine rose by 5 cents to $1.38 by 12:15PM AEST.

IBA Signs Two New Deals Over $4m In New Zealand And Brunei.

Health IT business, IBA Health Group said on Friday it has signed two new agreements with a combined value of over $4 million with Otago District Health Board in New Zealand and JSY Systems, Brunei.
IBA’s hospital information technology will be used by the Otago District Health Board in its Dunedin and Wakari hospitals and rural health centres throughout Otago in New Zealand’s South Island.

The company said the contract is for 5 years and is valued over $3 million but worth potentially $7.5 million, if Otago exercise all its options.

Gary Cohen, IBA chief executive officer said: “these two wins further consolidates our strong position in the South East Asian region, providing our first installation in Brunei and a reference point for other business in Brunei and the region.”

Chief executive of the Otago District Health said the software “provides greater depth of integration so staff can move between applications smoothly while retaining the patient context plus treatment and status details”.

The second agreement in Brunei, valued at $1.2 million is with JSY systems, a subsidiary of Jurusy Perunding, a leading Brunei company. JSY will implement IBA’s solution for a multi-national client whose clinics are spread across Brunei as well as in the South China Seas.
IBA Health has a market capitalisation of about $719.02 million.

It listed on the Australian Stock Exchange in 2000 at $1.00 per share.

Shares in IBA fell 0.1 cents to 92 cents at 12.22pm AEST.

Downer EDI Selected As Preferred Tenderer On Two Mining Projects.

Engineering company, Downer EDI (DOW) said today its mining division has been selected by Peabody Pacific as the preferred tenderer on its Wambo and Millennium Mining projects.
The company said this allows it to extend its existing strong relationship with Peabody.

“This is in addition to a series of recent contract wins across the group approximately $800 million since 21 August 2007,” said chief executive officer Brent Waldron.

“We are pleased that our efforts to reinvigorate our Mining Division are bearing fruit.”

Peabody Pacific is one of Australia’s largest mining companies with 10 operations in Queensland and New South Wales.
The Millenium mine, located in the Bowen Basin in Queensland is a coking coal producer.

Wambo is one of Peabody’s largest operating coal mines, located in the Hunter Valley, New South Wales.

Downer EDI Mining’s chief executive officer Damien O’Reilly said: “This is a vote of confidence in Downer EDI Mining and is a testament to both the strong relationships our team has built with the client and the value of our understanding of the Wambo and Millennium mines.”

Shares in DOW lost 6 cents to $5.34 at 1pm AEST.

Copyright Australasian Investment Review.
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