Following the downward revision of the earnings outlook at its Australian subsidiary Leighton, HOCHTIEF has correspondingly lowered its own forecast for the current fiscal year 2012: The HOCHTIEF Executive Board is now anticipating the Group’s profit before taxes from our operating business to be slightly less than EUR 550 million. Consolidated net profit will come in at just under EUR 180 million (figures previously expected to be slightly below the record levels set in 2010; in that year, profit before taxes amounted to EUR 757 million and consolidated net profit to EUR 288 million). In its updated forecast, HOCHTIEF reiterates its guidance for new orders, the order backlog, and sales.
The adjustments at Leighton are due to a further deterioration in earnings on the Airport Link road project in Brisbane and at the Victorian Desalination Plant. Both projects are scheduled to be completed this year.