Leighton depressions and cut earnings outlook

Leighton depressions cutting benefits and perspectives Topics: Photo News MarketAustralian dollar and currencies on Monday February 14 2011, 11:18 Construction company Leighton Holdings, has registered a 25 percent drop in profit in the first half and has reduced its year forecast of 6 percent. The company made $ 216,700,000 in the six months to December 2010, compared with a profit of $ 289 million for the same period last year. It is said that the progress achieved by the sale of 35 percent of Leighton in India were overshadowed by problems in the Middle East and property markets in Australia. We have experienced cost overruns on the Airport Link project in Queensland and has been affected by rain both nationally and in Indonesia, and the high Australian dollar. In its first results since taking over from Wal King, CEO David Stewart said the time was obviously out of control of the company, but the result is disappointing. "The work in hand has grown to record levels despite the continued impact of the global financial crisis and some tightness in certain markets," he said. He says the company now expects annual revenue of about $ 480 million, below a previous forecast of $ 510 million. "The end result and the dividend year are, however subject to market conditions and operations, including the time for the rest of this exercise," he said. The company has its dividend to 60 cents from 65 cents.