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Hochtief Q1 Nominal Net Profit Down

German construction major Hochtief AG (HOCFF.PK) reported that its first-quarter nominal net profit declined to 86.0 million euros from 114.9 million euros in the prior year.

Operational net profit of 99 million euros rose year on year by 2% like for like or 6% prior to the Abertis contribution. Margins remained firm across the Group's divisions.

New orders increased significantly by over 30% year on year to 5.9 billion euros compared with the 4.5 billion euros secured in the first-quarter 2020 whilst a disciplined bidding approach was maintained across all divisions.

Sales were 4.93 billion euros, down from 6.16 billion euros in the previous year.

Looking forward, Hochtief said it has identified a tender pipeline of relevant projects worth over 620 billion euros for 2021 and beyond supported by 180 billion euros in PPP projects in addition to the numerous stimulus packages approved by governments.

Hochtief expects to achieve an operational net profit in 2021 in the range of 410 million euros to 460 million euros, an increase of 11% to 25% year on year compared to the 368 million euros of 2020 adjusted for the divestment of 50% of Thiess.

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