Construction revenues fall at Ferrovial
28 October 2011
Spanish contractor Ferrovial saw construction revenues drop 3.7% year-on-year in the nine months to 30 September, 2011, to €3.1 billion after declining activity in its domestic market offset growth in international business.
Ferrovial's construction division reported earnings before interest, taxes, depreciation and amortisation for the nine month period of €171.4 million, compared to €172.6 million in 2010, while the backlog dropped 0.3% to €9.9 billion.
The contractor said the Spanish market accounted for €1.4 billion of total construction revenues, down 12.9% compared to the nine-month period ended 30 September, 2010. The figure was impacted by lower volumes of building work, with reductions in both the residential and non-residential sectors. Civil works also dropped, according to the company, reflecting declining public sector contracts out to tender.
International construction revenues, meanwhile, grew 4.8% year-on-year in the nine-month period to €1.8 billion, boosted by activity in the Polish market, according to the company. The international backlog reached €1.7 billion, up 12.7% year-on-year - an increase that the company said reflected a significant increase in non-residential contracts.