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Hochtief’s revenues down. Airport division IPO?

Germany’s Hochtief posted an operating profit of EUR207.8 million (+56.4%) on revenues of EUR4.72 billion (-10.2%) in the three months ended 30-Jun-09. EBITDA was down by 7.8% at EUR206.7 million. For the six months ending on the same date both revenues and operating profit had been up, the latter by over 75%. The concessions division did not fare so well. Despite an increase in new orders, Hochtief AirPort’s EBITDA was -29.8% at EUR40 million. Meanwhile, Hochtief is considering the flotation of a minority stake in Hochtief Concessions, which includes Hochtief AirPort, to boost the parent’s weak stock market valuation.

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