Hochtief "rock steady"

Hochtief's order backlog stood at a record € 33,1 billion at the end of June, despite a fall in new orders won in the first half of the year. The company's revenues for the first half of the year were level with 2008 at € 10,2 billion but net profits fell -13,9% to € 68,1 million.

All of the company's divisions were profitable, including its European construction business, which recorded an operating loss for the first half of 2008. Hochtief Europe also led the way as far as new order intake was concerned, with a +23,8% rise to € 2,05 billion.

This took the division's backlog to € 4,1 billion.

Although the company's revenues for the first half of the year were flat overall with the position last year, there were some changes from region to region. Activity was down for Hochtief Americas by -5,5% and also in Europe, by -2,7%.

However, there was a +5,1% rise in Hochtief's Asia pacific division, and a +5,2% rise in its real estate business. But with the order intake for the real estate business falling -61,1% to € 98,8 billion and the total backlog halving to € 477 million, this looks likely to be the peak for the foreseeable future.

Commenting on the results, chairman of Hochtief's executive board, Dr Herbert Lütkestratkötter said, "Hochtief remains rock steady through the crisis and we stand on very sound foundations. The environment is marked by extreme investor reluctance.

"Consequently, as expected, our new orders are down on the very high prior-year figure. In the past 12 months however, we once again took in new orders in excess of the steady level of work done."