to EUR 16.6 million, a marked improvement on the prioryear period (minus EUR 47.4 million). The HOCHTIEF Real Estate division felt the difficult market environment in the development business. Divisional operating earnings of EUR 29.2 million nonetheless showed a substantial increase on the prior-year period (EUR 16.8 million). Operating earnings in the HOCHTIEF Services and HOCHTIEF Concessions divisions leveled off slightly beneath their prior-year levels, with the EUR 14.5 million figure at HOCHTIEF Services marking an 11 percent drop on the prior-year period (EUR 16.3 million), while operating earnings at HOCHTIEF Concessions fell only a minor 3.6 percent to EUR 85.2 million. When comparing this latter result with the higher figure for the prior-year period (EUR 88.4 million), it is necessary to bear in mind that prior-year operating earnings were increased by exceptional items. Adjusted for these factors, HOCHTIEF Concessions operating earnings in the period under review slightly exceeded the figure for the same period a year earlier.
Net income from participating interests amounted to EUR 120.4 million, significantly down on the high comparative figure of EUR 192.2 million recorded in the prior year. Net income from participating interests in the HOCHTIEF Asia Pacific division, at EUR 45.5 million, was 32.3 percent down on the prior-year period (EUR 67.2 million) as a result of lower contributions to earnings from jointly controlled entities. The downturn in international air transport in the wake of the financial crisis adversely affected business at our airport holdings. In the prior-year period, net income from participating interests at HOCHTIEF Concessions (EUR 89.5 million) was boosted by a special dividend on the stake in Sydney Airport. The division remained successful in a difficult market environment during the first three quarters of 2009, however, with net income from participating interests of EUR 65.1 million. A lower contribution to earnings from the stake in aurelis made itself felt at the HOCHTIEF Real Estate division.
The EUR 33.7 million deterioration in net investment and interest income to minus EUR 125.9 million (prior-year period: minus EUR 92.2 million) mainly reflected lower net investment income. Conversely, net interest income improved compared with the prior-year period due to reduced interest expenses.
HOCHTIEF generated profit before taxes of EUR 428.2 million in the first nine months of fiscal 2009 (prior-year
period: EUR 391.9 million). This very healthy 9.2 percent growth shows that our Group has sustained its successful trend even through the global economic downturn.
The tax expense and the effective tax rate showed only minor change compared with the prior-year period. The EUR 148.9 million tax expense was 4.4 percent up on the prior-year period (EUR 142.5 million), while the effective tax rate dropped slightly by 1.6 percentage points to 34.8 percent (prior-year period: 36.4 percent).
HOCHTIEF raised profit after taxes by EUR 29.9 million to EUR 279.3 million. This corresponds to 12 percent growth on the prior-year period (EUR 249.4 million).
Consolidated net profit in the period under review amounted to EUR 124.3 million, exceeding the comparable prior-year figure of EUR 87 million by 42.9 percent. In contrast, the minority interest of EUR 155 million was 4.6 percent down on the EUR 162.4 million figure for the prioryear period.
Cash flow
Net cash provided by operating activities amounted to EUR 534.4 million in the first nine months of 2009, significantly more than in the same period of 2008 (EUR 297.5 million). The HOCHTIEF Asia Pacific and HOCHTIEF Real Estate divisions showed marked increases. While a rise in trade payables from the larger volume of business made itself noticed at HOCHTIEF Asia Pacific, a factor at HOCHTIEF Real Estate was diminished growth in receivables compared with the matching period a year earlier.
Capital expenditure remained at a high level in the period under review and totaled EUR 622.5 million. Compared with the prior-year period (EUR 1.07 billion), however, this represented a substantial reduction of 41.6 percent.
We once again effected major capital expenditure on property, plant and equipment during the period under review, notably for our large-scale activities in the capital-intensive contract mining sector as well as for purchases of plant and equipment needed to undertake construction contracts. At EUR 529 million, however, capital expenditure on intangible assets and property, plant and equipment was 22 percent down on the high figure for the prior-year period (EUR 678.2 million). HOCHTIEF Asia Pacific again accounted