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| Ferrovial net profit increased by 19.8% through June Spanish construction group Ferrovial ended the first half of 2006 with considerable growth in all lines of business. Nearly half of revenues and EBIT were obtained outside Spain. Net income in the period amounted to 237.4 million euro, i.e. 19.8% more than in 1H05. EBIT increased by 27.9% to 523.1 million euro, boosted by growth in revenues and improved margins, mainly in Construction, Infrastructure and Real Estate. EBIT in the more recurring activities (Infrastructure and Services) grew by 21% year-on-year and now account for 56% of the total. Activities outside Spain contributed 49% of EBIT, after expanding by 56.4% in 1H06. EBITDA increased 33.2% to 745.1 million euro. Revenues totalled 5,254.7 million euro, a 28.8% increase, based on strong growth in all lines of business: Construction expanded by 22.8% due to good performance in Spain and Poland (Budimex) and the addition of Texas construction company Webber; Services (+42.9%) was boosted by the addition of Swissport (handling) and Owen Williams (UK) as well as strong organic growth both in Spain and abroad; Infrastructure (+19.6%) reflected good performance in its three segments (toll roads, car parks and airports) and the entry into service of new toll roads; and Real Estate (+14.4%). International sales amounted to 2.550 billion euro (a 56.4% increase) and represented 49% of the company's total sales. During the first half of 2006, gross capital expenditure reached a record 3,081.5 million euro, nearly five times the 1H05 figure (623 million euro). The company had a net debt position of 3,317.3 million euro at 30 June 2006, representing 106% leverage. write your comments about the article :: © 2006 Construction News :: home page |