Hochtief holds strong position
By Sarah Ann McCay14 November 2013
German contractor Hochtief saw net profit up at €150.4 million for the first nine months of 2013, compared with €89.8 million as at end of September 2012.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) almost doubled to €1 billion, compared with €521.5 million for Q1-3, 2012.
The group’s order backlog stood at €43.5 billion at the end of the first nine months. The firm secured new orders of €20.19 billion during in the first nine months of 2013, with new orders worth €8.59 billion signed between July and September 2013, up 45.4% on the prior-year quarter.
Looking ahead, Hochtief forecasts operational earnings of between €580 million and €660 million and consolidated net profit of between €160 million and €200 million.
Marcelino Fernández Verdes, chairman of the Hochtief executive board said, "Throughout the group, we are working to improve our earnings performance on a sustainable, cash-focused, basis. An optimized risk management approach Group-wide will help to reduce earnings volatility.
"At the same time, we are steadily implementing our new strategy by focusing on our core business and developing Hochtief into the world’s leading infrastructure construction group with sustainable, cash-driven profitability."