CIMC shares are on a tear

Photo: Peter Macdiarmid/Getty Images

Shares in CIMIC, the former Leighton, soared after the engineering and construction group announced half year results showing a 12% lift in profits.

A short time ago, they were up 12% to $47.94.

The company posted a profit of $363 million, up 12%, for the six months to June. Revenue was up 11% to $6.9 billion.

‚ÄúReducing complexity and cost from our operating model is an ongoing focus at CIMIC, assisting us to maintain consistent margins,” says CIMIC Group Chief Executive Officer Michael Wright.

“Combined with a solid operating performance across our construction, mining and mineral processing, services and public private partnership segments, we are in a strong position.”

CIMIC has a strong pipeline of projects coming online, with $7.1 billion of new work won in the last six months.

The company declared a fully franked dividend of 70 cents a share, up 17%.

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