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| Leighton expects to report stronger operational performance for 6M Leighton Holdings Ltd said that, after the completion of a preliminary review of its profit results, it expects to exceed previous market guidance for underlying profit after tax (net profit after tax adjusted for capital gains and impairments) for the transitional 6-month financial year to 31 December 2011. Key Points: Underlying profit after tax expected to be approximately $270 million vs. guidance of around $250 million Expects net profit after tax of approximately $340 million for the 6 month period to 31 December 2011 Improved earnings from the Group's operations in Australia and Asia Major projects stabilized and making good progress in their delivery Leighton Holdings' Chief Executive, Mr Hamish Tyrwhitt, said that improved earnings from the Group's operations in Australia and Asia have resulted in an upgrade to the expected underlying profit after tax for the 6-month period to approximately $270 million. "The performance of our major projects – Airport Link and the Victorian Desalination Project (VDP) – has stabilized and we are making good progress in bringing them to completion. We remain on track to open Airport Link to traffic in June 2012 and expect to be producing first water by July 2012 at VDP, " he said. "We expect to report a net profit after tax of $340 million for the 6-month period to 31 December 2011. This comprises our expected underlying profit after tax of approximately $270 million, a capital gain from the HWE Mining iron ore sale (of $232 million before tax or $169 million after tax), offset by non-cash impairments to our investments in BrisConnections ($70 million before tax or $49 million after tax) and the Habtoor Leighton Group ($50 million before and after tax), " said Mr Tyrwhitt. "The Company also confirms its previous guidance for the 12 month period to 30 June 2012 at which time we expect to deliver an underlying profit after tax of between $600-650 million, excluding the aforementioned capital gain and impairments, " said Mr Tyrwhitt. Leighton Holdings will report its profit results for the transitional 6-month financial year to 31 December 2011, which are still subject to finalisation by management and completion of the audit, on Monday 13 February 2012. write your comments about the article :: © 2012 Construction News :: home page |