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| Hochtief net profit up 11 %  German construction giant Hochtief has confirmed its earnings guidance for fiscal 2007 based on very strong performance in all other divisions, despite losses in the German construction business. Group new orders to the end of March 2007 totaled EUR 3.94 billion, up 18.2 percent on the first quarter of 2006 (EUR 3.34 billion). The increase was largely down to stable markets in America and the Asia-Pacific region. Work done likewise rose in the first quarter, to EUR 4.12 billion—a 12.5 percent increase on the prior-year period (Q1 2006: EUR 3.66 billion). The group order backlog climbed to EUR 24.83 billion, up 15.2 percent from EUR 21.56 billion in Q1 2006. The outstanding orders position is reflected in higher external sales. In raising sales by 8.1 percent to EUR 3.69 billion (Q1 2006: EUR 3.42 billion), Hochtief sustained the previous year's already strong growth trend.Operating earnings climbed to EUR 66.7 million, compared with EUR 47.6 million in the prior-year quarter—an increase of no less than 40.3 percent. The Hochtief Group's profit before taxes came to EUR 65.9 million, up from EUR 50.2 million in the same period of 2006—a gain of 31.1 percent. Consolidated net profit, at EUR 9.6 million versus EUR 8.6 million in the same quarter a year earlier, increased by 11.2 percent. First-quarter 2007 earnings per share were up 7.1 percent to EUR 0.15 (Q1 2006: EUR 0.14). Hochtief expects that both profit before taxes and consolidated net profit will be above prior-year levels. Consolidated net profit is set to pass the EUR 100 million mark, meaning that 2007 will already see the group exceeding the medium-term target communicated during 2006. write your comments about the article :: © 2007 Construction News :: home page |