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SYDNEY, Feb 8 (Reuters) - Australian contractor Cimic Group Ltd CIM.AX on Wednesday said it expected a strong 2017 with more than A$100 billion ($76.24 billion) of work available for tender as state governments splash out on infrastructure.
Cimic's shares surged 5.5 percent after the company formerly known as Leighton Holdings posted a 11.5 percent rise in full-year net profit, beating market expectations thanks to a string of lucrative contract wins.
"CIMIC had a very successful year in 2016 and we have a bright outlook for 2017 and beyond," Chief Executive Officer Adolfo Valderas said.
CIMIC said it expected to post a net profit of A$640 million to A$700 million this financial year, significantly above analyst forecasts of a A$544 million profit.
The company, majority controlled by Spain's ACS ACS.MC , reported a net profit of A$580.3 million for the 12 months ended Dec. 31, up from A$520.4 million a year earlier.
That was well above an average estimate of a 1.3 percent rise in underlying profit from eight analysts surveyed by Thomson Reuters I/B/E/S and met the top end of CIMIC's guidance range.
CIMIC shares were trading at their highest levels in more than eight months, up 5.5 percent on Wednesday morning while the broader market was flat.
CIMIC was the second major Australian construction firm to top forecasts in the latest round of company earnings, with Downer EDI DOW.AX last week surprising the market with better than expected results. state governments are investing heavily in infrastructure, such as new roads and train lines, helping to offset declining mining investment. Nearly two-thirds of CIMIC's revenue is from Australia and the company said it had identified around A$100 billion of relevant tenders for work in 2017.
The company secured several large project wins last year, including the construction of light rail in Canberra and a tunnel in Hong Kong.
CIMIC completed a A$542 million takeover of services group UGL last year and in January launched a A$174 million hostile bid for mining contractor Macmahon Holdings MAH.AX . ($1 = 1.3116 Australian dollars)