Earnings down at Acciona

Spanish contractor Acciona reported net income of €81 million for the six months to 30 June, down 67% compared to the first half of last year after its earnings were hit by the construction slowdown in its domestic market.

Nevertheless, Acciona reported an 8.6% year-on-year rise in revenues to €3.3 billion for the first half. The increase was fuelled by gains at its energy division, which reported a 32% increase in revenues to €1.1 billion.

The infrastructure division reported first half revenues of €1.6 billion, a flat result year-on-year. Acciona said the decrease it had seen in the Spanish construction market had been offset by international growth.

Infrastructure earnings before interest, tax, depreciation and amortisation fell 22% year-on-year to €78 million for the six-month period. As well as reflecting the drop in income from the Spanish market, the company said its sale of two Chilean concession projects in June last year - contributing €12 million to earnings in the first half of 2011 - had also skewed the comparison.

The construction backlog was down 9% year-on-year at the end of June to €6.8 billion. International projects represented 47% of the backlog, with domestic projects making up the remaining 53%. International projects represented 42% of the backlog in the first half of 2011.