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| ACS 1st-qtr profits rose 62% ACS, Spain's largest construction group, recorded net profits of 599 million euros in the first quarter of 2008, 62.2% more than that recorded in the same period in 2007. Ordinary income after taxes, discounting the 328 million euros in capital gains on the sale of assets, rose 20.2% to 271 million euros thanks to the excellent performance across all of the business activities. Sales during the period for the Group totalled 5,760 million euros, a 15.1% increase over is the same period in 2007. International sales totalled 1,417 million euros, and now account for 25% of the total, highlighting the strong drive in foreign construction activities, primarily in the US market, which surged 83%. The performance on the operating level in the first quarter was also good across all business activities. Gross operating earnings (EBITDA) increased 13.3% to 977 million euros, for a return on sales of 17%. Gross operating profit (EBIT) rose 18% to 709 million euros. The publicly-traded investee companies (Abertis, Hochtief and Iberdrola) in the first quarter contributed 41 million euros, prior to deducting financial expense and taxes, despite the absence of the Iberdrola dividend given that their AGM was held in April. write your comments about the article :: © 2008 Construction News :: home page |