Builder Strabag boosts profits by 29 per cent in second quarter

Business News

Aug 31, 2009, 8:28 GMT

Vienna - Austria-based builder Strabag SE improved its net profit by 29 per cent to 106 million euros (152 million dollars) in the second quarter, the company announced Monday. Operating income also rose by nearly a third, to 142 million euros, compared with the March-June period last year. The construction company collected revenues worth 3.27 billion euros, an 8-per-cent increase. Thanks largely to several road construction orders in Poland, Strabag's order backlog grew to 14.32 billion euros by the end of June. In that month, Strabag won the bid to build a stretch of motorway in western Poland. With a building volume of 1 billion euros, the order is the largest in company history. Russia, Hungary, Italy and Slovakia posted declines in order backlogs. 'Thanks to the economic stimulus programmes instituted by the national governments, we probably will conclude the ongoing year at about last year's levels,' chief executive Hans Peter Haselsteiner said. Strabag ended 2008 with a net profit of 166 million euros.

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