Australia’s Tuff Bryant Expects Second Half Profit Drop

The Tuff Bryant Group, an Australia-based crane and equipment rental company last week forecast a decrease in profits this financial year because of the global financial crisis. The company posted a 13.1 percent net profit increase during its fiscal first half ended Sept. 30.

Tuff Bryant posted a 20.1 percent first-half revenue increase to AU $176 million (U.S. $117.4 million).

The company forecast profit for its 2009 fiscal year in the range of AU $19 million to $21 million, a decrease from its 2008 fiscal year profit of AU $26.6 million.

The company said its distribution division would be hardest hit by a weakened Australian dollar and tightening credit conditions. However, the company’s rental division has been strengthened because customers are more inclined to rent with less access to credit for capital purchases.