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UPDATE 1-INTERVIEW-PBG deputy CEO sees H1 net above expectations

Published 08/24/2010, 09:37 AM
Updated 08/24/2010, 09:40 AM

* Sees H1 net above market forecasts of PLN 72 million

* Reiterates full-year guidance

* Boasts a backlog of PLN 6.1 bln, with 3 bln due 2011

By Adrian Krajewski and Pawel Bernat

WARSAW, Aug 24 (Reuters) - Poland's largest listed construction group PBG expects first-half net profit will beat market expectations as the country's modernisation drive fills backlogs, its deputy chief said on Tuesday.

Analysts polled by Reuters expect the builder's bottom line to have risen to 72 million zlotys ($23 million), just up from last-year's 70 million.

"We secured a better net profit after the first half of the year than analysts expect," Przemyslaw Szkudlarczyk told Reuters in a telephone interview.

"Taking into account that we usually book around 30 percent of our full-year result in the first half, we are currently upholding our full year guidance. We will look into these targets after the third quarter."

The builder, which specialises in gas, oil and water installations, has pegged its 2010 net profit goal at 220 million zlotys on sales of 3 billion zlotys.

PBG boasts of a backlog worth 6.1 billion zlotys after July, with around 3 billion set aside for next year. Szkudlarczyk added the group takes part in tenders worth around 19 billion zlotys, with plans to bid for contracts of another 26 billion.

"There are a lot of new contracts and we expect this trend to continue until the half or end of 2011," the deputy CEO said. "We want to build a healthy portfolio for our comapny for the next 5 years."

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