(ADPnews) - May 16, 2011 - German construction group Hochtief AG (ETR:HOT) today reported a consolidated net loss of EUR 169.5 million (USD 238.9m) for the first quarter of 2011, down from a net profit of EUR 34 million booked a year earlier.
The significant decline in profitability results from the decrease in earnings booked by the company's Asia Pacific division.
In April Hochtief's Australian subsidiary Leighton (ASX:LEI) significantly lowered its forecast for fiscal 2011.
Hochtief registered a loss before interest, tax and amortisation (LBITA) of EUR 404.3 million in the first quarter, following earnings before interest, tax and amortisation (EBITA) of …
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