Domestic declines hit Acciona
By Sarah Ann McCay15 May 2013
Spanish contractor Acciona has felt the impact of its domestic market’s slowdown with infrastructure revenues down 16.9% and earnings before interest, taxes, depreciation and amortisation (EBITDA) down 18.5% for the first quarter of 2013.
EBITDA for the group totalled €327 million for Q1 2013, down 0.5% on the same period in 2012. Group revenues for the first quarter stood at €1.6 billion while net profit totalled €34 million.
Acciona said results were seriously affected by regulatory changes in the energy sector in Spain that caused the energy division's pre-tax profit to fall by 26.1%.
The slowdown in Spain’s real estate market also affected Acciona, with infrastructure revenues down 16.9% to €639 million. Infrastrcture EBITDA fell 18.5% to €32 million. However, backlog was up 1% year-on-year at €7 billion.