Third quarter growth for Hochtief

Third quarter results from Hochtief have shown a 36% year-to-date rise in net profits to €186 million, according to its latest statement.

The German-based contractor’s operating cash flow also improved to €265 million for the period, while its debt reduced by €330 million.

However, the company’s year-to-date new orders were €17.5 billion – compared with €20 billion for the same period last year.

It has secured a number of prominent projects in the third quarter, including a road tunnel to connect the international port in Bremerhaven and construction of the new Rastatt rail tunnel.

Other global projects this autumn include its US subsidiary Turner securing the development of a healthcare complex in New York and a 30-storey office in Atlanta.

In Australia, the company is also part of a consortium - through its subsidiary Leighton - to build a major new €1.8 billion rail link in Sydney.

During 2014, Hochtief has disposed of a number of its assets as part of a strategic restructure. This involved the sale of residential property company Formart, followed by a further sale of its offshore business interests.

Chairman of the executive board Marcelino Fernández Verdes said, “As the results illustrate we are delivering a solid performance which we aim to sustain, and improve upon, going forward.”