Leighton announces record profits

Leighton Holdings has announced record profits of AU$ 612 million (US$ 548 million) for the year ending June 30^th. The group also saw its order backlog hit a record high, with work in hand hitting AU$ 41.5 billion (US$ 37 .2 billion) - a +12% increase on a year ago.

Leighton's revenues were more about flat with 2009, with just a +2% rise to AU$ 18.6 billion (US$ 16.7 billion), a figure that includes contributions from joint ventures and associates.

In its commentary on the figures, Leighton reported strong performances across its businesses, with the construction and contract mining sectors in Australia and south east Asia proving resilient over the last year. The only difficult area highlighted by the company was the Middle East, where its Leighton International suffered a fall in profits as a result.

Leighton Holdings' Chief Executive, Wal King said, "The outlook for the Group remains positive based on a record level of work in hand, a strong competitive position and continuing economic recovery in our major markets.

"In Australia, the overall infrastructure market should remain above 2010 levels as continued population growth, looming electricity and water shortages, carbon reduction related investment and sustained economic growth will necessitate ongoing investment in rail and roads, ports and freight hubs, power and energy, education, health, community facilities and the environment."