* Q2 net loss 15 mln eur vs Rtrs poll avg of net profit of
73 mln eur
* Says net loss due to provisions for Elbphilharmonie
* Reiterates expectations for FY net profit, pretax profit
* Would have to beat H2 earnings of last 5 years to reach
* Shares down 2 pct, peers down 0.2 pct
(Adds Reuters calculations, analyst comments)
By Peter Dinkloh
FRANKFURT, Aug 14 Hochtief, the German
construction and industrial services provider controlled by
Spain's ACS, reported a surprise second-quarter loss on
Tuesday, hit by a troubled concert hall project in Hamburg which
analysts said now puts the company in danger of missing its
full-year profit forecast.
The company would have to earn about 475 million euros ($587
million) before taxes and about 229 million euros net in the
second half to reach its targets.
That is more than the company has earned in each second half
of the last five years, according to Reuters calculations.
"It will be really difficult to reach the full-year target,"
said Bankhaus Lampe analyst Marc Gabriel.
The shares were down 2 percent at 0845 GMT, underperforming
a 0.2 percent drop of the STOXX Europe 600 Construction &
Chief Executive Frank Stieler reaffirmed on Tuesday he still
expected the company to make a pretax profit of just under 550
million euros ($679 million) and a net profit of just under 180
million euros in 2012 despite reporting a disappointing net loss
of 15 million euros in the second quarter.
Analysts in a Reuters poll had forecast a net profit of 73.1
million euros for the quarter.
For the full year, the sale of its stake in a Chilean toll
road would help offset as yet unspecified provisions made on the
Elbphilharmonie concert hall and flats development in Hamburg,
the reason for the second-quarter loss, Stieler said.
But he admitted it would be more difficult to reach that
target, a comment some saw as indicating the profit outlook
would have to be cut.
"The company might have to lower its guidance," said DZ Bank
analyst Marc Nettelbeck. "Low utilisation rates in Europe and
the Americas show me that their other business is not going too
Before Tuesday's statement, the analysts in the Reuters poll
on average had expected Hochtief to even beat its targets.
The Elbphilharmonie development has turned out to be a
costly project for Hochtief due to disputes with the city of
Hamburg over construction delays.
Hamburg has sued Hochtief for damages for the delays but the
group has not disclosed how much it has had to set aside in
provisions. A spokesman said Hochtief would not release the
figure so as not to compromise its negotiating position in
The Chilean toll road, which is meant to make up for the
provisions, was sold for 230 million euros.
Despite the quarrels in Hamburg Hochtief is winning more
business than it previously forecast. It now sees the intake of
new orders running flat this year compared with 2011 after
previously forecasting a decline.
Parent company ACS said last week it returned to profit in
the first half and expects to achieve its full-year profit
(Editing by Maria Sheahan and Greg Mahlich)