Pacific detention camp operator announces soaring profit
Radio NZ International
February 15, 2016 5:23 pm
Profits have tripled for the operator of Australia’s detention camps for asylum seekers in Papua New Guinea and on Nauru.
It comes as the company, Broadspectrum, which used to be called Transfield Services, tries to fend off a hostile takeover from a Spanish company.
Broadspectrum announced it earned a net profit of US$ 17.7 million for the six months to the end of December.
The Australian company said the jump in net profit was bolstered by contracts with the defence, social services and property sectors.
It is planning a share buy back as it fights off the takeover attempt by Ferrovial, which has offered US$ 491 million for the company.