Leighton Holding, s Australia's top engineering contractor, on Friday reported double first-half net profit. The contractor elevated its 2010 profit forecast "in excess of" $600 million, following a probable boost from government-funded infrastructure projects.

However full-year guidance was left unaltered because of a little rise in work in-hand in last 3 months. This indicates a slowdown in the speed of the group towards recovery. More than $19 billion is also expected by the group, majority of which is owned by German construction group Hochtief.

On a conference call, Chief Executive Wal King said, “There is a staggering amount of coal projects in Australia but the infrastructure market is starting to slow. Construction in the Middle East remains at high levels, despite the recent issues in Dubai, with oil and gas, commercial and economic infrastructure projects continuing to support the market, whilst investment in education and other social infrastructure is expected to grow”.

In spite of these profits, the shares were down 4.0% to A$36.74 by 0254 GMT. As compared to last year’s $111.15 million, Net profit was $289 million for July-December.

The company said in a statement, "Work in hand at the end of 2009 was 2%higher than in December 2008, boosted by major construction projects, including the Melbourne desalination project and work at the Gorgon LNG plant in Western Australia”.