Hochtief: shares up after 'solid start' to 2019
(CercleFinance.com) - German construction group Hochtief has made a "solid start" to 2019, with increases in profits, sales and order backlog, with the group saying that it is confident of achieving its targets for 2019.
The Essen-based builder's net profit rose by 31% to 128 million euros in the first three months of the year, while operational net profit increased by 25% to 133 million euros, it said.
First-quarter earnings include a 21 million euro contribution from its 20% equity-consolidated stake in Spanish peer Abertis during the first three months of 2019, it said.
In addition to the positive impact from the Abertis stake, all three divisions (Americas, Asia Pacific and Europe) contributed to the increase, Hochtief said.
Citing a solid balance sheet, a robust order book and a strong presence on its core markets, the company said it was "well positioned" for the rest of 2019 and beyond.
Hochtief expects to achieve an operational net profit in the range of 640-680 million euros this year, up by 22% to 30%, with all divisions contributing to this improvement.
The shares were up 1% on Germany's Xetra market after the report.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The Essen-based builder's net profit rose by 31% to 128 million euros in the first three months of the year, while operational net profit increased by 25% to 133 million euros, it said.
First-quarter earnings include a 21 million euro contribution from its 20% equity-consolidated stake in Spanish peer Abertis during the first three months of 2019, it said.
In addition to the positive impact from the Abertis stake, all three divisions (Americas, Asia Pacific and Europe) contributed to the increase, Hochtief said.
Citing a solid balance sheet, a robust order book and a strong presence on its core markets, the company said it was "well positioned" for the rest of 2019 and beyond.
Hochtief expects to achieve an operational net profit in the range of 640-680 million euros this year, up by 22% to 30%, with all divisions contributing to this improvement.
The shares were up 1% on Germany's Xetra market after the report.
Copyright (c) 2019 CercleFinance.com. All rights reserved.