Hochtief second-half profit beats consensus on Asia-Pacific growth

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Hochtief second-half profit beats consensus on Asia-Pacific growth

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FRANKFURT (Reuters) – Hochtief’s <HOTG.DE> second-quarter pretax profit rose 21 percent thanks to growth in Asia-Pacific, the ACS-owned <ACS.MC> German construction company said on Tuesday, beating its own analyst consensus. Operational pretax profit came to 204.6 million euros (182.83 million pounds), compared with its own average estimate of 197 million euros gathered from analysts. Sales that rose 18.5 percent to 5.87 billion euros beat consensus of 5.73 billion, while operational net profit of 107.3 million euros compared with consensus of 103 million. The company reiterated its guidance for 2017 operational net profit of 410 to 450 million euros, an increase of 13 to 25 percent. Hochtief’s Australian subsidiary Cimic <CIM.AX> had already reported a 22 percent first-half net profit rise last week, sending its shares to a nine-year high. Spanish parent ACS is due to report results on Friday.

(Reporting by Georgina Prodhan and Maria Sheahan; Editing by Arno Schuetze)
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