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| Hochtief made a successful start to 2010 German building company Hochtief said its order book has reached a new high of EUR 36.74 billion with an increase of 17.1 percent (Q1/2009: EUR 31.37 billion). Profit before taxes also rose, by 2.5 percent to EUR 120.5 million (Q1/2009: EUR 117.7 million). All divisions contributed to the positive results. Not least in light of the large order backlog and the opportunities available, the Group reaffirms its guidance for fiscal 2010 while its medium-term target remains a pretax profit of EUR 1 billion. New orders came to EUR 3.45 billion, significantly down on the prior-year period (Q1/2009: EUR 4.38 billion) due to contract awards postponed to the next quarter. The shortfall relates partly to business in Germany, but mainly to delays on major contract awards in the Hochtief Asia Pacific division. Much of the difference was made good in April 2010, however. Work done totaled EUR 4.76 billion, on a par with the prior-year quarter (Q1/2009: EUR 4.78 billion). In terms of sales, the Group slightly improved on the comparative prior-year period to reach a total of EUR 4.45 billion (Q1/2009: EUR 4.40 billion). Although the general economic environment began to stabilize from the end of 2009, the effects of the economic crisis were still to be felt at the start of 2010. The long, cold winter also had an impact. Operating earnings (EBITA), at EUR 152.3 million, consequently fell 5.5 percent short of the prior-year comparative figure (Q1/2009: EUR 161.1 million). Consolidated net profit was EUR 34.1 million, down somewhat by 11.8 percent on the prior-year period (Q1/2009: EUR 38.6 million). The application of new accounting standards in line with IFRIC 15 resulted in a positive retrospective adjustment of profit before taxes and consolidated net profit by EUR 20 million and EUR 15.3 million respectively in the first quarter of 2009. Before this special effect, profit before taxes in Q1 2009 was EUR 98.6 million and consolidated net profit EUR 24.2 million. write your comments about the article :: © 2010 Construction News :: home page |