Staffing and maintenance provider Programmed Maintenance Services Ltd. recently posted its earnings report for the first half of the current fiscal year, and revealed a 5% drop in net profit. But the company has been quick to asset that market conditions are now much better and it is bound to grow strong in the second half.

For six months up-to September 30, the company posted net earnings of $12 Million, a substantial decline from the $12.6 Million posted for the same period last year. Revenue also fell by 6.7% to $583.1 Million, and underlying pre-tax profit was also down 11% as compared to last year to $27.3 Million.

"When one considers the weak economic conditions in comparison to the prior corresponding half year period (ended September 2008), which was at the peak of the economic cycle, the small declines of group revenue and profit are a good result", shared Programmed Managing Director Chris Sutherland.

In light of the low figures, the firm pulled down its interim dividend to 3 cents a share, much lower than the figure paid last year for the same period which stood at 9.5 cents per share.