|
contents | business | |||||||||
| Hochtief strong in third quarter 2011 German construction giant Hochtief said its operating business performed as planned in the third quarter of 2011: The Group is in the black, with profit before taxes of EUR 333.0 million and consolidated net profit of EUR 98.7 million. That means Hochtief achieved turnaround in the operating business, although it has not yet fully made good the loss incurred in the first six months. Australia's Leighton, too, once again made a strong contribution to earnings in the third quarter as planned. All four Hochtief Group divisions have secured attractive, high-margin new contracts. The Group's order backlog is equivalent to 22 months in forward orders. But the global economic and financial market turbulence has not passed Hochtief by. The macroeconomic situation has caused delays in the sale of the airport activities. Hochtief is still in close negotiations and is confident of being able to seal the transaction in the near future. It is nonetheless possible that this will no longer happen in 2011 as previously announced. Hochtief is also reviewing the assessment of potential risks for individual PPP road contracts in Greece and Chile. This relates to the Hochtief Concessions and Hochtief Europe divisions. The Group is retaining its previous guidance for 2013 unchanged: Hochtief expects to attain pretax profit in excess of EUR 1 billion and consolidated net profit of around EUR 450 million for 2013, purely out of the operating business. write your comments about the article :: © 2011 Construction News :: home page |