FCC revenues fall for half-year

By Joe Malone02 August 2016

Spanish contractor FCC has recorded half-year revenues of €2.9 billion for the period 1 January to 30 June, which is a decrease of 8.7% on the same period a year ago.

The company said the reason for its revenues decline was a fall in construction output in Spain. It also said that the depreciation of the British pound had contributed.

The Spanish environmental services, infrastructure and waste management group’s earnings before interest taxes, depreciation and amortization (EBITDA) was up 1.3% for the six-month period to €374.6 million.

The company also recorded a net profit of €54.8 million for the first half of 2016, compared to a loss of €11.9 million for the first half of 2015. FCC said this was attributable to higher returns in its business areas and a sharp reduction in structural and administrative expenses, among other things.

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.

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