Leighton sees Q1 turnaround

Leighton Holdings achieved a net profit of AU$ 123 million (US$ 125 million) for the first quarter of the year, compared to the AU$ 80 million (US$ 81 million) loss a year ago. Revenues were up +5% to AU$ 5.35 billion (US$ 5.45 billion).

Commenting on the results, Leighton CEO Hamish Tyrwhitt said, “This result reflects the advantages of the group’s diverse business portfolio, benefitting from both our geographic spread and the range of sectors in which we operate. It was delivered against the backdrop of a challenging macroeconomic environment, especially in contract mining and some adverse weather conditions in Queensland and Western Australia.”

He added that the company won contracts worth more than AU$ 4 billion (US$ 4.1 billion) over the course of the quarter, taking its order book to AU$ 42.2 billion (US$ 43.0 billion).

Mr Tyrwhitt said, “We are not targeting top-line growth, rather we are onboarding projects with good margins as demonstrated by a closing project margin-in-hand of over 10%.”

The company expects to achieve a net profit of between AU$ 520 million (US$ 530 million) and AU$ 600 million (US$ 611 million) for the year.