HOCHTIEF projects pre-tax profit of EUR1bn this year

Germany’s HOCHTIEF reported a 50% rise in consolidated net profit for 2010, earning EUR288 million. Profit before tax was EUR756.6 million, up 26.8% year-on-year. For 2011, HOCHTIEF expects a pre-tax profit of around EUR1 billion and consolidated net profit of some EUR600 million for the current fiscal year, depending on the size and outcome of the sale of interests in HOCHTIEF concessions. Shares in the company rose 2.5% in trading on Wednesday.

Zurich Airport reported the following financial highlights in 2010:

  • Total revenue*: EUR673.5 million, +5.2% year-on-year;
    • Aviation: EUR420 million, +6.5%;
    • Non-aviation: EUR253.6 million, +3.1%;
  • Operating costs: EUR332.9 million, +2.1%;
  • EBITDA: EUR340.6 million, +8.5%;
  • Net profit: EUR108.1 million, -27.3%;
  • Passenger numbers: 22.9 million, +4.3%;
  • Cargo volume: 411,037 tonnes, +19.3%;
  • Aircraft movements: 268,765, +2.5%.  

* Based on the conversion rate EUR1 = CHF1.28129

Chicago O’Hare International Airport plans to sell a USD1 billion municipal-bond in Apr-2011, to fund the airport’s expansion. The deal was originally planned for Feb-2011 but pushed back due to a lawsuit filed by United Continental Holdings and American Airlines. Elsewhere in the US, the Port Authority of New York and New Jersey announced the competitive sale of USD225 million in consolidated bonds.

Selected ABD daily share price movements (% change): 23-Mar-2011