German construction company Hochtief AG (HOCFF.PK) posted consolidated net profit of 43.5 million euros for the first quarter of 2013, as against a loss of 34.8 million euros in the prior-year period.
At 5.50 billion euros, quarterly sales similarly almost matched their prior-year level of 5.57 billion euros. Work done in the first three months approached 6.50 billion euros, up 2.1%, compared with the prior-year period, while the order backlog as of March 31, 2013, stood at 50.69 billion euros, which was at the same high level as a year ago.
"We have kicked off a process of change and we already see positive effects. The outlook is increasingly brighter," said Marcelino Fernández Verdes, Chairman of the Executive Board at HOCHTIEF. For 2013, HOCHTIEF still expects new orders, work done, and the order backlog to normalize.
The company now sees stronger earnings growth in 2013 with pre-tax profit totaling 670 million -750 million euros and consolidated net profit of 210 million -250 million euros. While publishing the full year 2012 figures, HOCHTIEF had guided a 10-20% year-on-year rise of pre-tax profit and consolidated net profit respectively for 2013 equivalent to around 601 million - 656 million euros pre-tax profit and 174 million -190 million euros consolidated net profit.
For the preceding year 2012, the Executive Board and the Supervisory Board are proposing a dividend of 1.00 euros per share.
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