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| Leighton net profit up 28% to $276 million The directors of Leighton Holdings Limited, the parent company of Australia's largest project development and contracting group, announced an increase in operating profit after tax and minorities to $276.1 million ($215.2 million last year 'AIFRS' adjusted) from a pretax profit of $371.2 million. The major contributors to the group's results have been construction activity for a number of large Australian infrastructure projects, contract mining in Australia and Asia, and another strong property development performance. Total operating revenue, including joint ventures, was up 32% to $10.0 billion versus $7.7 billion last year, while revenue from joint ventures increased by 13% to $1.5 billion. Work in hand has increased to a record $16 billion, boosted by the HWE acquisition, and the award of a number of large infrastructure and contract mining projects. The outlook for the group remains very positive, driven by a record level of work, an extended construction and resources upswing in Australia, greater geographic diversity in Asia, and very strong balance sheet. The group has a record level of work in hand and the prospect of maintaining work at similar levels given the construction and resources opportunities still emerging in Australia, and the broad range of prospects in Asia. This workload is expected to translate into revenue of more than $11 billion in 2006/07. write your comments about the article :: © 2006 Construction News :: home page |