Leighton Holdings

Australian construction services company, Leighton Holdings (ASX:LEI) has reported its full year results to the stockmarket.

• Leighton posted a full year net profit of $450.1 million for the full year to December 31, in the previous year Leighton had a $285.5 million loss.
• LEI Total annual revenue was $18.95 billion, up 3 percent.

Fortescue Metals (ASX:FMG) has sealed a $1.4 billion deal with Leighton Contractors (ASX:LEI) to deliver a five year full service mine management with a possible two year extension.

• The five year full service is for its Firetail iron ore deposit at Solomon in Western Australia's Pilbara region.

Building contractor and engineering services company, Leighton Holdings (ASX:LEI) is selling its telecommunications assets, with TPG Telecom (ASX:TPM) and Telstra (ASX:TLS) have expressing interest in acquiring the NextGen assets.

Australian based construction company, Leighton Holdings (ASX:LEI) has seen their shares jump 8 percent or $1.32 to close at $17.05 after confirmation that its desalination plant is producing drinking water.

• SMH reported a possible rumour that, "a French construction company could be interested in Hochtief's Australian asset, Leighton Holdings."

Leighton Holdings (LEI) shares jumped as high as 4 per cent or 82 cents to $21.35 in trading this morning after the Australian contractor upgrades its profit guidance for the first half. This is a result from the improved earnings that its Australian and Asian operations incurred.

Construction giant Leighton Holdings (ASX:LEI) faces class action from its shareholders today regarding the company's downgrades and write-downs on major projects.

Leighton said in February it expected to report a profit of almost $500 million, which was then downgraded to a loss as shares dropped about 14 percent. The company blamed the downgrade on cost blowouts, delays at Victoria's Wonthaggi desalination plant and problems with Brisbane's Airport Link.

The shock exit of Leighton's (ASX:LEI) chairman and CEO last week is just the start of a series of changes expected in senior management. The exodus has left a trail of huge termination payments that angered investors.

Leighton Holdings (ASX:LEI) is shooting for the stars to lift its net profit by $1 billion over the next four years. Leighton chief executive David Stewart is "very confident" the group could post at the upper end of its net profit guidance of between $600 and $650 million.

The market was paying attention as shares jumped 8.3 percent after the company posted results and gave assurance it would easily bounce back into the black this year.

Leighton Holdings' (ASX:LEI) former chief executive officer Wal King has denied that he is seeking a position with the contractor’s board and neither has he been offered any position.

The statement comes amid speculations that Spain's construction company ACS wants King to be non-executive director. ACS is poised for a takeover of German Hochtief, who owns majority of Leighton.