FCC revenues down, profits up

Spanish-based contractor FCC has recorded revenues of €4.38 billion for the first nine months of 2016 – an 8.6% decrease from the same period a year ago.

The company said the decrease was due to the declining Spanish market, as well as the British pound’s depreciation.

The company did, however, record an increase of 3.4% in its earnings before interest, taxes, depreciation and amortization (EBITDA) to €613.3 million for the same period.

The company’s revenues were dominated by activities in Spain, where 51.7% of its sales were recorded. The UK attributed to 15.4%.

The company recorded 5.5% of its EBITDA from its construction operations, while environmental services dominated its earnings at 51.9%.

Last December, FCC approved a capital increase of around €709.5 million by issuing over 118 million new shares for a unit price of €6 each.

FCC said at the time that its primary aim was to reinforce the company's capital structure and reduce its level of debt.