Bilfinger Berger Lowers 2005 Forecast

Bilfinger Berger, the second-biggest construction company in Germany, said Wednesday it would lower its 2005 profit forecast owing to losses in its Australian building construction business. Bilfinger Berger said in a statement that it was penciling in bottom-line net profit of 65-70 million euros ($77-83 million) this year, compared with an earlier forecast of 70 million euros. In 2004, Bilfinger Berger booked net profit of 51 million euros. The Australian building construction division had booked a loss around 30 million euros, weighing on group earnings by around 15 million euros, Bilfinger Berger said. Nevertheless, the other divisions were expected to book a sharp rise in earnings, it added. The group was sticking to its goal to boost net profit to around 100 million euros by 2007, Bilfinger Berger said.