Hochtief pre-tax profit falls 11%

German-owned construction group Hochtief has seen its pre-tax profit for the first half of 2009 fall 2009, compared to the same period a year ago.

But its European operations bucked the trend, with an ВЈ8.7m profit, compared to a ВЈ22m loss in H1 2008.

Overall Hochtief said that it remained "rock steady" throughout the recession and stood on "very sound foundations". And it pointed to a ВЈ28.6bn order book - 4% higher than the same period a year ago.

The group predicted that its order book and group sales would steady at normal levels below 2008 figures.

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