16 Feb 2016

Pacific detention camp operator announces soaring profit

8:05 am on 16 February 2016

Profits have tripled for the operator of Australia's detention camps for asylum seekers in Papua New Guinea and on Nauru.

Australian detention centre on Manus Island, PNG

Australian detention centre on Manus Island. Photo: Free google search image

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.

Australian detention centre on Manus Island, PNG

Australian detention centre on Manus Island. Photo: REFUGEE ACTION COALITION / AFP

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