Half year profit for waste management firm Transpacific Industries has been boosted by the sale of its commercial vehicles business, but its underlying earnings have slipped.
The owner of Cleanaway made a profit of $159 million in the six months to December 31, up from $32.3 million in the same period a year earlier.
The result includes a $122 million gain on the sale of the commercial vehicles business.
The removal of the vehicles business from Transpacific contributed to an eight per cent fall in first half underlying earnings, and earnings from waste management were steady.
Chief executive Robert Boucher said similar trading conditions were expected in the second half of the financial year.
The company plans to cut $20 million in costs, which it has been doing by closing underperforming businesses.
Transpacific shares gained two cents to $1.165.
