News Wrap

IN THIS morning’s News Wrap: Mining, infrastructure lift CIMIC profit; Bitcoin more draining than gold mining; and Calibre Global up for grabs, PwC hired.

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Mining, infrastructure lift CIMIC profit 

Mining’s recovery might be underway, but it is the Australian infrastructure boom that helped deliver engineering and services giant CIMIC a A$702 million net profit for 2017, up 21%, The Australian reports.

Australia's biggest construction group benefited from billions of dollars of local infrastructure investment, with all divisions being profitable except its except its troubled Dubai-based joint venture Habtoor Leighton Group.

The mining and minerals business outperformed the average, delivering a 23% higher profit to $338.8 million.

Services profits are running at $164.8 million following CIMIC's hostile takeover of UGL in 2016. 

CIMIC said it expected to deliver net profit after tax of between...