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| Hochtief boosts profit almost 25 percent  German construction giant Hochtief reported that its first-half 2007 results continue the group's strong performance record, with profit before taxes up almost 25 percent. Alongside business in the Asia-Pacific region, the services as well as concessions and operation modules were once again instrumental in achieving the successful results. Losses at Hochtief Europe were made good thanks to strong performance in all other divisions.New orders for the first half of 2007 came to EUR 9.14 billion, up 15.6 percent on the prior-year period (H1 2006: EUR 7.91 billion). The work done figure for the period was EUR 8.90 billion, beating the comparable prior-year figure by 13.7 percent (H1 2006: EUR 7.83 billion). The group order backlog also grew strongly, by 19.0 percent to a new record of EUR 25.63 billion (H1 2006: EUR 21.53 billion). External sales likewise increased in the first six months of 2007, by 11.2 percent to EUR 7.93 billion (H1 2006: EUR 7.13 billion). Despite earnings growth being held back by losses in the Europe division, the Hochtief Group nonetheless has strong earnings to report. Operating earnings for the first half of 2007 amounted to EUR 165.5 million, up 12.2 percent on the prior-year comparison period (H1 2006: EUR 147.5 million). Profit before taxes, at EUR 181.8 million, exceeded the figure for the first half of 2006 by a substantial 24.7 percent (H1 2006: EUR 145.8 million). Due to an increase in the minority interest, however, consolidated net profit was down from the first six months of 2006, at EUR 13.8 million (H1 2006: EUR 31.5 million). Earnings per share decreased likewise, to EUR 0.21 (H1 2006: EUR 0.49). write your comments about the article :: © 2007 Construction News :: home page |