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| Hochtief details mid-term earnings plan German builder Hochtief presented its figures for the third quarter of 2010. New orders climbed by 11.6 percent, to EUR 19.33 billion (Q1-3 2009: EUR 17.32 billion). Work done totaled EUR 16.66 billion, an increase of nine percent from the prior year (Q1-3 2009: EUR 15.28 billion). The order backlog reached a new record level of EUR 41.43 billion (Q1-3 2009: EUR 35.30 billion). Pretax profit came to EUR 430.2 million, up 1.1 percent (Q1-3 2009: EUR 425.5 million). Consolidated net profit grew by 17.3 percent, to EUR 142.7 million (Q1-3 2009: EUR 121.6 million). The Group once more reaffirmed its outlook for the fiscal year—despite adverse effects on Australian subsidiary Leighton's profits, which Hochtief was in a position to offset. Hochtief reaffirms its forecast and for the current fiscal year continues to expect new orders and order backlog to be above their respective prior-year levels, sales roughly on a par with 2009, and profit before taxes and consolidated net profit each slightly above last year's figure. The Group also plans # for 2011: depending on the volume and result of the share divestment at Hochtief Concessions, profit before taxes of about EUR 1 billion and consolidated net profit of about EUR 600 million; # for 2012: profit before taxes of roughly EUR 1 billion and consolidated net profit of approximately EUR 500 million; and # for 2013: profit before taxes of more than EUR 1 billion and consolidated net profit of approximately EUR 450 million without extraordinary earnings, i.e. from operating activities. write your comments about the article :: © 2010 Construction News :: home page |