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Hochtief forecasts 2017 underlying profit rising up to a quarter
February 28, 2017 / 6:15 AM / 9 months ago

Hochtief forecasts 2017 underlying profit rising up to a quarter

FRANKFURT, Feb 28 (Reuters) - German builder Hochtief said it expected underlying profit to grow by as much as a quarter this year thanks to a strong order backlog that will push up revenues by more than 10 percent.

The group, which is majority-owned by Spanish construction group ACS, said on Tuesday its operational net profit would come to between 410 million and 450 million euros ($434 million to $477 million) this year, compared with 361 million in 2016.

Its order book stood at 43.1 billion euros at the end of 2016, 20 percent above the year-earlier level and at its highest since 2012.

It also said it had identified a pipeline 150 billion euros of projects coming to its markets in North America, Asia-Pacific and Europe this year, with a further 350 billion in 2018 and beyond.

$1 = 0.9438 euros Reporting by Maria Sheahan; Editing by Christian Schmollinger

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