The Waratah train project has helped Downer to net profits of $105.5 million in the first half of 2013.
The figure represents an increase of 24.1 per cent on last year, with the group’s total revenue also rising by around 20 per cent to $4.7 billion.
Downer’s rail division grew by 27 per cent to $729.6 million thanks largely to the Waratah Train Project – a fleet of 47 new trains for Sydney’s rail network.
Grant Fenn, the chief executive of Downer, said: “Production output, both in China and Cardiff, is now at the rate required to complete the full production program to schedule.
“In China, both the bodyshell and fit-out shops are producing an average of 24 cars per month while in Cardiff we have ramped up successfully to the targeted three-day TAKT time.
“We remain on track to deliver the 78th Waratah train in mid-2014.”
Other notable projects include the Sunlander Tilt Train and completed orders for freight locomotives to BHP Billiton Iron Ore and Fortescue Metals Group.
Despite a rise in overall revenue, Downer Rail’s earnings before tax (EBIT) actually fell from $42.9 million to $34.2 million because of “weaker locomotive sales”.
Downer is confident it is on track for profits of $210 million this year.
“The business has performed very well over the past six months,” Fenn added.
“Each of our three divisions achieved substantial revenue growth, underlying EBIT has grown over 12 per cent and our cash performance was strong once again.
“We have continued to build momentum in our operational and financial performance.”
Its a pity that the photo shows a Millennium Train – a 2004 product of Downer predecessor EDI Rail