Construction firm Leighton Holdings Ltd. (LGTHF.PK, LEI.AX), the Australian unit of Germany's Hochtief (HOCFF.PK) reported first quarter profit attributable to members of A$123 million, compared to a loss of A$80 million last year.
Quarterly total revenue rose to A$5.351 billion from A$5.094 billion in the previous year. Revenue-Group advanced to A$4.863 billion from A$4.137 billion a year earlier.
Looking ahead, the company maintained its full-year underlying NPAT view in the range of A$520 million-A$600 million and a gearing level within its target band of 25 to 35 percent.
Leighton stated over A$4 billion of work was awarded during the first quarter, taking total work in hand to A$42.2 billion.
Leighton's gearing grew to 47.7 percent from 35 percent, driven by early payment of the equity in BrisConnections and the scheduled final dividend payment, each of A$200 million, together with seasonal deterioration in working capital.
Separately, the company announced that Leighton Properties has entered into an agreement to sell three commercial buildings planned within the Kings Square mixed-use development in Perth for A$434.8 million. Completion of all three buildings - KS1, KS2 and KS3 is expected in mid-2015. Australian real estate groups DEXUS Property Group and DEXUS Wholesale Property Fund have entered into an agreement to purchase towers KS1, KS2 and KS3.
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