Reuters reported that Leighton Holdings Ltd expects profits to recover in fiscal 2010 after a 27.6% earnings slide in the year just ended, hit by weak conditions and investment write downs.

The engineer, majority owned by German construction group Hochtief said that it expected year net profit in the current year to be around AUD 600 million but this was subject to any more investment impairments.

Net profit fell to AUD 440 million for the year to June from AUD 607.9 million a year earlier. The company had forecast a full year net profit of AUD 430 million in May.

(Sourced from Thomson Reuters)