Shares in construction company Leighton Holdings (LEI) rose by as much as 3.29% to $59.63 after the company said its wholly owned subsidiary, The John Holland Group, won a $117 million contract with Melbourne Airport.
The John Holland Group has been awarded two expansion projects worth $117 million and is preferred contractor on the third project, which is worth $84 million.
The project involves delivering major expansions to the airport's international terminal and the work will commence immediately.
"John Holland's work on Melbourne Airport's Expansion Program will be undertaken in a fully operational environment, drawing upon John Holland's exemplary track record in both safety policy and delivery on complex projects," managing director David Stewart said.
"We will work in partnership with Melbourne Airport to ensure that all work is carried out in a safe and timely way, without delays to passengers and aircraft," he added.
The expansion includes five new aircraft gates, a new international baggage processing system and a new outbound passenger and retail precinct.
Leighton shareholders would be celebrating as the construction giant continues it stellar run of winning all manner of contracts.
12 months ago, shares were trading at less than $20, compared to today's $59 mark.
Last week the company announced a partnership agreement with construction firm Macmahon.
Few days later, Leighton announced an operating profit after tax of $98 million, for the first quarter to 30 September 2007, an increase of 30% on the prior first quarter.
In addition, Leighton has been searching for another construction ‘partner' for much of the past year as it wins more and more contracts in Australasia, Northern and Eastern Asia, India and the Persian Gulf.
It has made a major acquisition in the Gulf region where it is growing business towards the $1 billion a year mark. It has more than $500 million of work in India. This is in addition to the strong order books it has in Indonesia, The Philippines, Hong Kong and Singapore.
Leighton acquired John Holland in early 2000.
LEI lost 82 to close at $58.55.
