Leighton shrugs off GFC

LEIGHTON Holdings is on track for a solid result this financial year, booking a $A400 million profit after tax for the first nine months of 2010-11 on revenue of $13.3 billion.
Leighton shrugs off GFC Leighton shrugs off GFC Leighton shrugs off GFC Leighton shrugs off GFC Leighton shrugs off GFC

CITIC Pacific has appointed former Leighton Holdings boss Wal King AO as a senior adviser as it seeks to turn around its luck at the Sino Iron project

Andy Graham

Leighton Holdings chief executive Wal King said the company’s diversification strategy had helped sustain the business through the worst of the global financial crisis.

“These are strong results for the nine months which reflect solid performances in mining and infrastructure, offsetting the difficulties in property and the Middle East – particularly Dubai,” he said.

Work at hand for the group was $37.5 billion at March 31, up from $36.5 billion 12 months before.

According to King, Leighton has won an additional $1.8 billion of work since March 31 and is in a “preferred position” for upcoming projects worth another $6 billion.

“A sustained level of infrastructure spending over the next decade, particularly on transport, water, power and telecommunications projects, should continue to provide a good level of construction opportunities for the Group’s Australian based operating companies,” he said.

“Sustained demand from China and the rest of Asia for iron ore and coal should drive increases in export volumes which augers well for contract mining opportunities.

“Demand for energy is also forecast to remain strong presenting the group with significant opportunities over the next few years to undertake construction work on a number of liquefied natural gas and coal seam methane projects.”

King said full-year profit after tax should exceed $600 million, on revenue of around $18.5 billion.

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