PORR AG reports record order backlog and improved results in first quarter
Construction company PORR AG announced a 9.6% increase in production and earnings improvement in the first quarter of 2016. The company's order backlog reached a record high of EUR 5.15 billion.
Vienna-based construction firm PORR AG demonstrated a strong start to 2016, exceeding its previous performance in the first quarter despite challenging market conditions.
The company's production output grew by 9.6% compared to the same period last year, reaching EUR 648 million. Efficiency gains were reflected in the earnings, with the result before tax (EBT) improving by approximately 17% to EUR -10.0 million. The net result also saw a 29.3% improvement, closing at EUR -8.2 million.
A key highlight was the company's order backlog, which surpassed the five-billion-euro mark for the first time, standing at EUR 5.15 billion. This represented a 17.2% increase year-on-year. New orders received amounted to EUR 1.22 billion, a significant leap of 31.7%.
The largest single new contract secured was for the Al Wakrah Stadium in Doha, Qatar. Other major projects included the Europaallee office building in Zurich, Switzerland, the S6 Koszalin–Sianów and S8 Poręba–Ostrow road extensions in Poland, and several German construction projects like the Mucon Hotel in Munich.
CEO Karl-Heinz Strauss expressed satisfaction with the results, citing the company's strong positioning in its home markets and successful acquisition of international projects. "Our order backlog has exceeded five billion euros for the first time, providing an optimistic outlook for the full year 2016," Strauss stated.