Leighton Holdings has reaffirmed it will return to profitability this financial year with a profit of a much as $650 million as it tenders for $27 billion worth of work.

The civil engineering and property development group posted a loss of $408.8 million for the 12 months to June 30, 2011, due, in part, to delays to Brisbane’s airport link project and a Victorian desalination plant.

Chairman Stephen Johns on Friday said the company had recorded first quarter growth, with a 30 per cent rise in revenue in the three months to September 30, to $6.2 billion.

“We have rebuilt our balance sheet …. and this positions us to take advantage of the many opportunities that we see coming our way,” Mr Johns told the company’s annual general meeting in Sydney.

Unaudited net profit for the quarter was $137 million, up from $48 million in the same period last year.

The profit did not include the capital gain on Leighton’s sale of the HWE mining iron ore business.

“We expect to report a profit of between $600 to $650 million for the 12 months to 30 June, 2012,” Mr Johns said.

Leighton said it remains positive about the year ahead as it submits $27 billion worth of work over the next two to three months will be more selective in pursuing new projects and examine potential risks more carefully.

Mr Johns apologised to shareholders for a very bad financial year, but said the Leighton was laying foundations for a “rosy, optimistic future”.

“I don’t think anyone is denying we had a terrible year,” he said.

He said Spanish company ACS, which indirectly owns 27 per cent of the company, did not influence the Leighton board or management.

ACS owns shares in Leighton’s German parent company Hochtief, which in turn owns 54 per cent of Leighton.

New chief executive Hamish Tyrwhitt began his first speech to shareholders by offering sympathy to the families and friends of six employees who had died since June 2010.

“We cannot say that we, as a group, are truly successful until all of our people return home safe,” he said.