AUSTRALIA'S TRANSFIELD SET FOR FUTURE GROWTH.

SYDNEY, Sept 2 Asia Pulse - Transfield Services Ltd (ASX:TSE) is well placed to pursue organic growth through low risk, profitable contract opportunities and growing its current client relationships.

The company said market conditions indicate there is an opportunity for market consolidation and the company is well placed to take advantage of these conditions.

The company reported a net profit in the year to June 30, 2002 of $A19.461 million ($US10.69 million).

The engineering concern was formed in October 2000 and reported a net profit of $A13.7 million ($US7.53 million) in the period to June 30, 2001.

The company said the accounts for 2000/01 did not include a full business year, and pro forma accounts have been prepared for 2001/02 to facilitate comparison.

"The pro forma profit after tax was also $A19.5 million ($US10.72 million) and represents a 42.3 per cent increase when compared to last year's results and is a 10.2 per cent increase on the prospectus forecast," the company said.

Transfield reported a final dividend of five cents a share, unchanged from the prior corresponding period.