MELBOURNE, Feb 14 (Reuters) - Leighton Holdings Ltd (LEI.AX: Quote, Profile, Research), Australia's top contractor, reported a 32 percent rise in first-half profit on Thursday, just missing market forecasts and sending its shares down 11 percent.
Bolstered by mining projects and an expansion in the booming Middle East, Leighton also said it saw full-year profit growth of at least 30 percent, below analysts' expectations of growth of 35 percent.
Net profit rose to A$250.25 million ($223 million) for the six months to December, from A$190 million a year earlier, compared with an average forecast of A$252.6 million from six brokers.
Leighton, majority-owned by German construction group Hochtief (HOTG.DE: Quote, Profile, Research), bought a 45 percent stake in Dubai-based Al Habtoor Engineering last September to tap into billions of dollars of construction work in the booming Gulf market.
Leighton's shares slumped 11.3 percent to A$46.00 after the results. The stock has been trading on a stronger earnings multiple than the broader Australian market, based on its growth prospects.
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