Bilfinger Berger sees profit jump
By Chris Sleight12 August 2010
Bilfinger Berger saw its net profit for the first half of the year rise +85% to € 118 million, compared to € 65 million for the same period last year. The company's revenues were up +1% in the first half of the year to € 3,81 billion, while its order backlog rose +7% to € 8,87 billion.
Profitability improved in all of Bilfinger Berger's operating divisions in the first half of the year. This included a € 6 million operating profit for its construction division, compared to a € 32 million loss last year, and a near doubling of profits in Building & Facilities Services division.
The company said it deliberately downsized its construction business in the first half of the year to focus on more profitable projects. This was reflected in the -12% fall in revenues to € 809 million and a -18% drop in order intake. As a result, the division's backlog stood at € 2,78 billion at the end of June, compared to € 3,01 billion a year previously.
As a result of the improvements seen in the first six months of the year, Bilfinger Berger expects a jump in its full-year figures. Earnings before interest and tax (EBIT) are expected to come in at € 300 million, compared to € 173 million in 2009. Revenues are expected to see less movement, with the company anticipating a figure of € 8,0 billion, compared to € 7,7 billion in 2009.