Ellaktor boosted by construction

First quarter revenue at the Greek Ellaktor group rose by 29.2% to €377.9 million, which it said was mainly thanks to increased construction revenue of €82 million.

The group’s results after tax showed a loss of €16.7 million, compared to a profit of €1.7 million in the first quarter of last year, but it said that there had been a negative impact from a €12.4 million impairment in mining assets available for sale affecting the group’s EBIT (earnings before interest and taxes).

It said that EBIT adjusted for this impairment amounted to €28.5 million.

It is construction and quarries segment, revenues for the first quarter of 2015 totalled €286.5 million – €281.2 million of that from construction – compared to €204.9 a year earlier. This was an increase of 39.8%, which Ellaktor said reflected accelerated backlog execution.

Its backlog stood at €3.8 billion, 46% of which was in Greece. It added that a further €485 million worth of projects remained to be signed. Ellaktor reported that nearly €1.7 billion of the backlog was for infrastructure projects in its home country.

Ellaktor subsidiary Aktor claims to be the largest construction company in Greece.