OHL records strong Q1

OHL has recorded group sales of €956.7 million for the first quarter of 2016 – a 7.4% increase from the same period a year ago.

The Spanish company’s earnings before interest, taxes, depreciation and amortization (EBITDA) was €264.1 million for the first quarter, which was an increase of 3.9%.

Sales for the group’s construction arm were recorded at €706.6 million, representing an increase of 15.6% from the first quarter of 2015, while its EBITDA rose 0.5% for the same period to €36.9 million.

OHL said its rise in construction sales was due to increased activity in North America from new projects and from the increase in production rate in existing projects, which represented 40% of total production in the first quarter of 2016.

The majority of OHL’s output came from the US and Canada, at 31.9% in the first quarter of 2016, while the Pacific Alliance represented 30% of its output. The company’s output in Spain was 17.2%, while its output in the Czech Republic was 4.3%.

The company said an important development in its construction services was the significant improvement in the management of its litigation settlements which have affected a number of projects.

One of those projects, said OHL, was the Oran Convention Centre, where a payment of €100 million was agreed, meaning it achieved an amicable solution to the dispute, without effecting its profit and loss account.