Wed, 21 Oct 2020

BERLIN, Oct. 15 (Xinhua) -- German construction company Hochtief announced on Thursday that its revenues in the first nine months of the year had declined by 4.5 percent year-on-year to 17.9 billion euros (20.9 billion U.S. dollars).

Operational net profit of the firm, which makes most of its business through international construction projects, even dropped by 24 percent year-on-year to 362.8 million euros in the first three quarters of 2020, according to the company.

Despite the impact of COVID-19, Hochtief continued to register higher orders so that in the third quarter, currency-adjusted order intake was at a similar level as last year's. At 49 billion euros, the company's order backlog remained "robust".

The company's performance reflected its "diversification by geography in its core developed markets as well as by activity," said Marcelino Fernandez Verdes, chief executive officer (CEO) of Hochtief.

Hochtief recently invested almost 103 million euros in the purchase of a 2.8 percent stake in its Australian subsidiary CIMIC which is also active in Hong Kong, China, increasing the stake to 77.4 percent, the company noted.

Following the announcement, shares of Hochtief listed in the German MDAX recovered some of their earlier losses after German stocks took a nosedive over investors' fears of a second COVID-19 wave. Its shares went up from 67 euros to around 69 euros in late trading on Thursday. (1 euro = 1.17 U.S. dollars)

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