Detention centre contractors post $67m profit

THE chief contractor for welfare and garrison services at the offshore detention centres on Nauru and Manus Island posted a $67 million profit.

Transfield Services, which is also involved in a host of other contracting and infrastructure businesses, held its annual general meeting on Wednesday.

Board chairwoman Diane Smith-Gander told shareholders the company again rejected any allegations of misconduct by its employees at the detention centre network.

"It is not our place to debate a policy endorsed by two successive governments and which still has bipartisan support," she said.

"We simply determined that caring for asylum seekers was a task Transfield Services had the skills and experience to do well."

The company also rejected a takeover bid from Spanish firm Ferrovial, after the board believed the offer did not recognise the true value of the stock.

However, Ms Smith-Gander said negotiations with the Spanish company had continued in the hope of obtaining a price that reflected Transfield Services' true value.