Australia's largest construction company Leighton Holdings Ltd. on Thursday reported a 35 percent rise in year net profit prompted by large mining and infrastructure projects.
In a statement, the Sydney-based company said it hopes to raise about 700 million Australian dollars (US$609 million) to help fund mining activities in Australia, Indonesia and India. Leighton plans to raise the money in an entitlement offer of new shares to eligible shareholders.
Leighton shares will remain suspended from trading until Aug. 20 as the company completes the offer.
Net profit rose to A$607.9 million (US$529 million) for the year to June 30 from A$450 million a year earlier. Total revenue rose 22 percent to A$14.5 billion (US$12.6 billion).
Chief Executive Wal King said the boost in profits reflected a good contribution from several large construction projects in Australia and the Gulf region, solid property development performance and the contract mining of iron ore and coal in Australia and Indonesia.
Leighton forecast net profit to grow at least 15 percent in the 2009 financial year.
"The group's outlook remains strong for the 2009 financial year sustained by a record level of work in hand," King said. "This workload should be maintained at similar levels given the opportunities that are likely to emerge in the group's core markets over the next year."
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