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Larger than expected write-downs at Leighton Holdings (ASX:LEI) have forced German construction group Hochtief to forecast its 2011 net loss to be worse than anticipated.
The eighth-largest provider of construction-related services in the world is Leighton’s biggest shareholder with a 51 per cent stake.
The company says despite a good solid operating performance, it’s not able to completely compensate for Leighton’s negative pre-tax effect of 89 million euros.
Hochtief is now expecting to finish the year with a pre-tax loss of 130 million euros.
Leighton Holdings booked a net loss of $406 million in the 2011 financial year.
