FCC first quarter sales slide

Spanish construction group Fomento De Construcciones Y Contratas (FCC) reported 2009 first quarter sales of € 2,7 billion, down -7,5% on the € 3 billion reported for the same period last year. Pre-tax profits for the group fell -33% to € 301 million, down from € 451 million 12 months previously.

A company statement said that shrinking demand in the cement business and the global financial crisis had impacted on earnings. FCC's international market, which accounted for 40% of the Group's revenues, was stable however, falling just -1,7% on the same period last year.

Furthermore, order backlog for the quarter was up + 6,3% on the last quarter of 2008 to € 34,7 billion.

In the construction sector of the group, sales fell -6,7% to € 1,5 billion, down from € 1,6 billion 12 months earlier. The cement sector suffered most significantly, falling -35,4% to € 247 million, down from the € 383 million reported for the first quarter of 2008.

Following the creation of its renewable energy division at the end of 2008, first quarter sales were € 25 million, 88,8% of which was generated from the sale of wind power.