German construction company Hochtief reported its profit before tax for 2015 was €523 million, compared to a €177 million loss a year earlier.

Marcelino Fernández Verdes, chairman of the executive board, said, “The success of the group’s transformation is increasingly evident. Hochtief’s financial performance continues to improve in a sustainable manner.”

The company’s operational net profit increased 39% year-on-year to €265 million, compared to the €190 million in 2014.

However, the company recorded revenues of €21.10 billion, compared with €22.10 billion a year earlier.

Verdes added, “We are ready to take advantage of stable and attractive markets such as Australia, Hong Kong, North America and Europe.

“Hochtief has a strong tender pipeline for 2016 and beyond. In addition, our strong balance sheet provides confidence and flexibility to pursue future growth opportunities.”

The company said its plans for 2016 were to achieve a profit of between €300 and €360 million, which would represent an increase of approximately 15 to 35%.

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