Germany’s biggest construction company, Hochtief, has raised its outlook for new orders this year after winning several large contracts in Australia and Asia.
Orders in the second quarter came in at 9.5 billion euros. Pretax profit was 181 million.
However, the outlook for Europe remains weak, with Hochtief’s new orders there shrinking by more than two thirds in the second quarter.
Worldwide infrastructure companies have been bolstered by lavish stimulus spending amid the economic crisis, but they are expected to feel the brunt of public works cuts as governments reign in public finances.
The second-quarter orders it received included a major contract to improve a section of Melbourne’s ring road, a project to upgrade and maintain the electrical distribution network in the city of Perth in Western Australia, and an extended contract to provide coal mining services in Indonesia.