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| Hochtief confirms guidance for 2009 Following the close of Q1 2009, Hochtief has confirmed its guidance for the current fiscal year as a whole. This is based on well-filled order books: With a very large order backlog of EUR 31.35 billion, the group has secured more than 19 months' worth of work at full capacity. At EUR 4.38 billion, new orders in the three months to March 31, 2009 were 16.9 percent down on the comparative prior-year figure (Q1 2008: EUR 5.27 billion). Work done was 3.4 percent down, to EUR 4.76 billion (Q1 2008: EUR 4.93 billion). Adjusted for exchange rate changes, the total was EUR 4.87 billion, close to the figure for the first quarter of 2008 when the financial crisis had not yet taken effect. The order backlog grew by EUR 2.2 billion from the prior-year quarter to reach an absolute total of EUR 31.35 billion (Q1 2008: EUR 29.15 billion). Operating earnings (EBITA) improved by 7.7 percent relative to the prior year, to EUR 142.1 million (Q1 2008: EUR 131.9 million). Hochtief generated strong profit before taxes. However, exchange rate effects in particular led to lower earnings. At EUR 98.6 million, profit before taxes did not quite match the comparative prior-year figure (Q1 2008: EUR 103.3 million). Hochtief generated a consolidated net profit of EUR 24.2 million in the first quarter of 2009 (Q1 2008: EUR 32.1 million). write your comments about the article :: © 2009 Construction News :: home page |