Cimic Annual Profit Rises by 12%
08 February 2017 - 9:05AM
Dow Jones News
By Rhiannon Hoyle
SYDNEY--Cimic Group Ltd. (CIM.AU), the Australian construction
company and contract miner, said its annual profit rose 12%
following a push to widen margins and some major new projects
started up.
On Wednesday, Cimic reported a net profit of 580.3 million
Australian dollars (US$442.9 million) for the year through
December, versus A$520.4 million in 2015. The company had earlier
forecast annual earnings of A$520 million-A$580 million.
Large Australian miners have cut their spending in recent years,
prompting Cimic to increase its focus on winning infrastructure
projects to build everything from casinos in Macau to airports in
the Middle East -- a strategy that analysts say is now paying off.
It has also been working to drive down costs and bolster
margins.
The company declared a final dividend of 62 Australian cents a
share. Cimic is majority owned by Germany's Hochtief AG (HOT.XE),
which is controlled by Spain's Actividades de Construccion y
Servicios S.A. (ASC.MC).
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
February 07, 2017 16:50 ET (21:50 GMT)
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