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Hochtief beats Q2 expectations, reaffirms outlook

Published 31/07/2015, 03:24 pm
© Reuters.  Hochtief beats Q2 expectations, reaffirms outlook
ACS
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FRANKFURT, July 31 (Reuters) - German builder Hochtief HOTG.DE beat forecasts for new orders, sales and adjusted pretax profit in the second quarter, helped by cost cuts and more selective bidding for high-quality projects.

New orders at the construction group controlled by Spain's ACS ACS.MC jumped 44 percent to 7.09 billion euros ($7.76 billion), beating the Reuters poll average of 6.45 billion euros. ID:nL5N10A55L

Hochtief, which makes 97 percent of its sales outside Germany, won deals including to build a new rental car facility at San Antonio airport in Texas, part of a Sydney motorway project and an extension to Riyadh's King Khalid airport.

It confirmed its full-year forecast on Friday to increase operational consolidated net profit by 15-35 percent to 220-260 million euros.

($1 = 0.9137 euros)

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