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...