FCC construction revenues flat

By Helen Wright31 July 2012

Baldomero Falcones - chairman and CEO of FCC.

Baldomero Falcones - chairman and CEO of FCC.

Spanish contractor FCC reported a marginal 0.4% year-on-year increase in revenues from its construction division during the first half to €2.9 billion as declining activity in Spain was balanced out by growth in international revenues.

Construction revenues in its American division jumped 121% during the period to €493.5 million, but revenues from Eastern Europe dropped 8.2% year-on-year to €371 million, and revenues in Austria and Germany - FCC's largest division - fell 0.4% to €988 million.

The division reported earnings before interest, tax, depreciation and amortisation (EBITDA) of €153.4 million for the first six months of 2012, down 0.8% year-on-year.

At the end of the first half, FCC's construction backlog stood at €9.4 billion, down 1.7% compared to the same point last year. Of this, €5.1 billion was for contracts outside Spain - a proportion that was up 4% year-on-year.

Looking ahead, the contractor said the growing importance of activity outside Spain would offset the impact of declining public investment in its domestic market.

Overall, FCC reported first half group revenues of €5.3 billion, down 1.4% year-on-year, and net profit of €53.4 million, down nearly 50% year-on-year.

FCC chairman and CEO Baldomero Falcones said, "These results reflect the internationalisation of the group's core business: environmental services, water, and infrastructure".

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