Leighton Holdings (ASX:LEI) has announced a 7 per cent jump in first quarter revenue. Net profit rose by 24 per cent on 1Q13 driven by strong performance in infrastructure and oil and gas construction.
The company has secured $4.4 billion of new contracts which is a ten per cent increase on the previous corresponding period. New deals included construction of a tunnel in Hong Kong and a highway in Qatar. Leighton has also reduced capital expenditure by 34 per cent.
The company reaffirmed guidance to deliver underlying net profit after tax in the range of $540 million to $620 million for 2014.
The proposed takeover of Leighton Holdings Limited recently received the green light from Australia’s Foreign Investment Review Board. The approval is for Leighton’s major shareholder, Hochtief’s which made a $1.15 billion takeover bid of the construction company last month.
Spanish owned, Hochtief, has offered $22.50 per Leighton share to acquire the part of the company it does not already own.
Leighton delivered a net profit of $469 million for the full year ended Dec 31, 2013
