Hochtief: well oriented despite the results in the red

Hochtief has published quarterly results this morning in the red, but noticeably less than expected, according to the very good performance on the stock exchange.

In detail, the German construction posted a net loss of 169.5 million euros in its first quarter 2011, compared with net income of 34.1 million euros in Q1 2010.

The group also unveiled a pretax profit of -444.8 million euros over the period, against 120.5 million euros a year earlier.

In a statement, Hochtief said it had been impacted by its Australian subsidiary Leighton.

However, the group reported a 56.9% increase in new orders in the 1st quarter 2011 (and they settle to 5.41 billion euros) and confirmed its annual forecast for 2012 and 2013.

To 15h, the title Hochtief wins 2.4% to 58.9 euros on the Frankfurt market.