Hochtief hit by Greek toll losses

GERMAN construction group Hochtief revealed it may have to write down the value of its road contracts in Greece due to mass toll dodging.

The news accompanied a gloomy outlook for 2012 and a warning that the group might post a loss this year if it fails to sell its airport business on schedule.

“The economic crisis in Greece and persistent mass toll dodging led to major shortfalls in income development for the toll road projects,” Hochtief said.

Hochtief’s third-quarter pre-tax profit more than doubled to €333m (£285.3m) but missed estimates.