Profits up for Hochtief
By Sarah Ann McCay02 March 2014
Hochtief filed improved results for the year ended December 31, 2013, with net profit up 10.3% to €171.2 million, compared to €155.2 million in 2012.
Adjusted for one-time items such as the divestment of its airport and service business lines, its telecommunications activities at Leighton, restructuring expenses, and impairment losses on investments, the contractor generated a net profit of €207.5 million, up substantially on 2012’s figure of €93 million.
New orders totalled €26.49 billion, just behind 2012’s figure of €31.49 billion, while the German contractor holds an order backlog valued at €39.94 billion, representing 17 months' forward work. Sales for 2013 held steady at €25.69 billion, compared with €25.53 billion the previous year.
According to Hochtief, all three of its business divisions - Americas, Europe and Asia Pacific - showed strong positive operating profit development. Non-core businesses were sold and the core business was strengthened.
Marcelino Fernández Verdes, CEO, said that 2013 had been marked by hard work, numerous changes, and visible results.
"We are achieving our goals," he said.
Looking ahead, the firm forecasts further growth, and expects net profit for 2014 to achieve €225 to €250 million.