FRANKFURT--German construction company Hochtief AG (HOT.XE) said
Wednesday it swung to a net profit in the second quarter, helped by
one-offs, as sales rose.
Net profit was 82.7 million euros ($109.8 million), after a
EUR15.7 million loss a year earlier. Leighton Holdings Ltd.
(LEI.AU), majority-owned by Hochtief, sold a stake in
telecommunications assets, which boosted earnings after provisions
for the Elbe Philharmonic Hall in Hamburg depressed them last year.
Operational earnings rose to EUR397.8 million from EUR229.9
million.
Sales increased to EUR7.11 billion from EUR6.44 billion amid a
large order backlog at the Asia-Pacific business. Order intake,
however, declined to EUR6.06 billion from EUR8.65 billion.
Hochtief adjusted its full-year guidance for the sale of its
service solutions business. The company now sees operational
pre-tax earnings at EUR580 million to EUR660 million and a net
profit of EUR160 million to EUR200 million.
Non-operational effects, such as one-offs related to agreed
divestments and costs of restructuring measures, are not included
in this operational guidance and will have a significant positive
effect. The guidance also excludes the contributions from the
airport and service solutions units.
Write to Friedrich Geiger at friedrich.geiger@dowjones.com
Order free Annual Report for Leighton Holdings Ltd.
Visit http://djnweurope.ar.wilink.com/?ticker=AU000000LEI5 or
call +44 (0)208 391 6028
Order free Annual Report for Hochtief AG
Visit http://djnweurope.ar.wilink.com/?ticker=DE0006070006 or
call +44 (0)208 391 6028
Order free Annual Report for ACS Actividades de Construccion y
Servicios SA
Visit http://djnweurope.ar.wilink.com/?ticker=ES0167050915 or
call +44 (0)208 391 6028