Leighton Holdings Limited (ASX:LEI) has confirmed its full year underlying net profit guidance despite reporting a 20 per cent drop in its first half net profit.
The construction company booked a first half net profit of $291.3 million, down from $366.2 million reported the year before but higher than market expectations of $271.4 million.
Underlying profit grew 25 per cent to $319 million in the half year and Leighton Holdings says it is on track to generate a full year underlying result between $540 million and $620 million.
CEO Marcelino Fernandez Verdes says the company is already seeing the positive impact of the Federal Government's infrastructure initiatives.
Looking ahead Mr Verdes says Leighton has under preparation the largest pipeline of $1 billion-plus tenders in the company’s history.
An interim dividend of 57 cents per share has been declared, 25 per cent-franked.