Leighton Holdings Limited (ASX:LEI) has improved its net profit forecast for the 2011 financial year.
The construction company now expects to post an after tax loss of around $408 million, narrowing from a loss of $427 million expected in April.
The $19 million adjustment has been made possible due to the company’s increased confidence that it will complete its Airport Link project by the contractual deadline, June 30, 2012.
Leighton’s says the project’s gross loss has now been cut from $730 million to $520 million as it no longer needs to provide for additional costs that would have been charged for late completion.
Leighton will report its full year result on August 15.
In the six months to December 31, 2010, Leighton Holdings posted a net profit of $218 million.
LEI Price at posting:
$20.75 Sentiment: None Disclosure: Held
