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Legend Corporation expecting strong end of year

Legend Corporation expecting strong end of year

32 per cent increase in earnings before tax expected

Legend Corporation is expecting a 32 per cent increase in earnings for the FY10.

In a statement to the ASX, Legend forecast about $11 million in pre-tax profit to June 30, 2010.

Legend CEO, Brad Dowe, said the strong result was due to effective management through the global financial crisis.

“We hedged very successfully to protect our bottom line against currency fluctuations,” Dowe said.

“It’s a challenging environment, and in light of the events of the past week, could well continue into the new financial year.”

While Legend will continue to operate under its current strategy into the new financial year, Dowe said it was too early to predict how it will fare in the market.

“No company is in control of all the events that happen in the outside world,” he said. “For instance, in the past few days, the Australian dollar has dropped nearly 10 cents, so we’re not underestimating the business climate.”

In February the company announced it had made up for its losses in 2008.

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