PDF - 5.5 MB - Leighton Holdings

Leighton
Holdings
Quarterly
Update
2nd
Quarter 04
Gateway Bridge Duplication, Queensland, Leighton Contractors
>>
a strong competitive position in core markets,
continued growth in those core markets, and the
implementation of a range of strategic initiatives.
The backing of a strong balance sheet means that
the Group is well placed to invest for growth and
to pursue opportunities.
“Construction levels across the infrastructure and
property markets are forecast to stay strong for the
next five years stimulated by Australia’s sustained
economic growth. Investment in infrastructure will
continue to be driven by a growing population,
past under-investment and a commitment by
governments to resolve some of the existing
bottlenecks and deficiencies.
“The resources boom is set to continue for coal,
iron ore and energy related commodities during
2008 and 2009 with high commodity prices
likely to sustain investment in projects at high
levels. The Group is well positioned to increase
its contract mining activity as new mines are
opened up and existing clients seek to increase
production,” he said.
“Non-residential property remains strong in 2008,
due primarily to the strength of the economy - with
employment and business conditions remaining
positive - and the market should stay at similarly
high levels over the next five years. Medical and
educational facilities are likely to benefit from
continued investment from both the public and
private sectors.
“Real estate has been the major driver of project
activity in the Gulf, however a shift is now
occurring towards public infrastructure projects –
in water, power and transport. Construction across
both these sectors is now occurring simultaneously
and Al Habtoor-Leighton is well positioned to
undertake this work.
“Mining remains a key driver for Indonesia
and, with vast reserves of coal, oil and gas,
and its proximity to China and India, its future
looks positive. The Hong Kong Government has
announced an increase in capital expenditure over
the next few years, with rail and infrastructure
projects expected to dominate the market,”
said Mr King.
“In Macau, expansions to existing casino and hotel
complexes are underway or in planning while
other new developments remain on the drawing
boards. The current building boom in Macau is
coinciding with large infrastructure demands
– particularly for transport,” he said.
“We have restructured Leighton Asia and I’m
pleased to advise that Mr Hamish Tyrwhitt has
taken over the role of Managing Director from
1 January 2008 and has been appointed an
Associate Director of Leighton Holdings Limited.
This follows the decision by Mr Joe Dujmovic to
step down as Managing Director to concentrate on
health and personal matters.
“Hamish was most recently General Manager,
Victoria, South Australia, Tasmania and New
Zealand for Leighton Contractors and prior to that
was General Manager, Malaysia for Leighton Asia
(Southern). He has 25 years of industry experience
and spent more than 20 years working for the
Leighton Group,” said Mr King.
John Holland Aviation Services, Victoria
Prominent Hill copper gold mine, South Australia, Thiess
“The balance sheet remains solid with total assets
of $5.8bn and gross cash of $511m. A disciplined
capital management plan is in place which
ensures the Group has the financial resources to
pursue growth opportunities to further diversify the
business.
“The Group’s work in hand maintains the great
momentum and revenue for the full year is
forecast to be over $14.5bn. We expect our 2008
profit to be up by at least 30% on last year’s record
result of $450m, which was up 63% on the
previous year,” said Mr King.