Spain's FCC first half profit rises 5.9 percent

29th July 2010, Comments 0 comments

Spanish construction and services group FCC reported Thursday a 5.9 percent rise in first half net profit to 101.2 million euros as its renewable energy division offset lower revenues from building related activities.

Revenues dropped 4.9 percent to 5.7 billion euros (7.4 billion euros) while earnings before interest, tax, depreciation and amortisation (EBITDA), a key measure of profitability, slipped 2.8 percent to 666 million euros.

The company does not publish quarterly results.

It has re-positioned itself in renewable energy and waste management in the face of a sharp drop in construction activity in Spain following the collapse of a property bubble at the end of 2008.

FCC's construction branch saw an eight percent drop in revenues during the first half 3.07 billion euros while its cement unit posted a 19 percent drop in revenues to 435.4 million euros.

But its renewable energy and environmental services unit saw revenues rise 4.1 percent to 1.79 billion euros.

© 2010 AFP

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