Hochtief net up; may see loss if deal isn't closed

TEL AVIV (MarketWatch) -- Hochtief AG shares fell nearly 8% on Monday after the Essen, Germany, construction firm reported that third-quarter net income rose 81% but warned that it could post a full-year loss if it doesn't close the sale of its airports business this year, as it had planned. Third-quarter consolidated profit reached 98.7 million euros ($135.8 million) from €54.6 million in the year-earlier quarter. The order backlog equals 22 months of forward orders, the company said. If the airports deal goes through this year, Hochtief affirmed its outlook for 2011, saying that consolidated net income would the 2010 figure. But if the deal doesn't close in 2011 -- and Hochtief said it might not because of delays due to the macroeconomic situation -- then the company sees a consolidated net loss around €100 million. For 2012, the company sees consolidated net income significantly higher than its 2010 record figure. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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