Diverse-business operations firm Programmed Maintenance Services Ltd announced on Friday that projected earnings for fiscal 2010 would reach $58.9 million while net profit is expected to gain by ten percent in 2011 from figures posted in the previous year.

This amidst the company's assertion that no new works are set to replace the projects it garnered last year from the federal government's stimulus package as it added that volumes and margins for the property services division were hit by declines while its year-to-date renewal of traditional maintenance programs proved much lower than average.

Programmed, which deals mainly on recruitment, property management and engineering, is a bit worried too that its education and public housing projects worth $25 million and funded by the government's stimulus package are almost winding down and yet to be replaced.

In spite of the sobering developments, the company said on its first quarter updates that its expected earnings before interest tax and depreciation would reach $58.9 million in fiscal 2010 and ending in March 31, which is about the same level posted in 2009.

Also, Programmed said that its net profit after tax for the same fiscal year should improve by 10 percent come 2011, revealing that "it is restructuring its property services division to lower costs, implementing alternate painting program models and improving its capability to market all services across its property and infrastructure customers."

The company said that at the moment, it was reacting to factors that were affecting its trading performance in the shares market where earlier figures showed that Programmed stocks plummeted by as much as 20 percent.

And as of 1102 AEST on Friday, Programmed shares were trading at $1.97, losing as much as 57 cents or 22.44 percent from previous trading day.