Cimic Group 1Q Profit Up as Revenue Rises

Date : 04/16/2018 @ 8:01PM
Source : Dow Jones News

Cimic Group 1Q Profit Up as Revenue Rises

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   By Rhiannon Hoyle 
 

SYDNEY--Construction and engineering contractor Cimic Group Ltd. (CIM.AU) said first-quarter profit increased by 7%, reflecting rising revenue, and said it remains upbeat on the business outlook.

Cimic reported a net profit of 172 million Australian dollars (US$134 million) for the three months through March, and reiterated full-year guidance of between A$720 million and A$780 million.

The company, which has in recent years expanded by acquiring companies including engineering services company UGL Ltd. and mineral processing company Sedgman, said its work in hand totaled A$34.6 billion, including new work of A$2.6 billion.

"Our work in hand remains at a high level, providing assurance of future revenues, and the pipeline of opportunities for our business is strong," said Chief Executive Michael Wright. Cimic is majority owned by Germany's Hochtief AG (HOT.XE), which is controlled by Spain's Actividades de Construccion y Servicios S.A. (ASC.MC).

 

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

 

(END) Dow Jones Newswires

April 16, 2018 19:46 ET (23:46 GMT)

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