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| Cintra Q1 EBITDA declines 4.1 % Cintra, the Ferrovial subsidiary specialised in bidding for and managing toll roads and car parks, obtained 95.8 million euro in EBITDA in the first quarter of 2009, a decline of 4.1% with respect to the same period of 2008 due basically to a decline in traffic and to the impact of exchange rate fluctuations. International business now accounts for 86.1% of EBITDA. Net revenues amounted to 136.9 million euro, affected by the decline in traffic, the change in the date of Easter, depreciation of the Canadian dollar, and the fact that 1Q08 had one extra day (2008 was a leap year). The EBITDA margin increased by 1.5 percentage points to 70%. EBIT totalled 71.9 million euro, and net attributable profit amounted to 12 million euro, contrasting with 6.7 million euro in losses reported in 1Q08. Cintra's debt amounted to 6,264 million euro at the end of March. In January, the company refinanced the debt maturing this year at 407 ETR and extended the finance for Radial 4. With these two deals, Cintra has refinanced all its 2009 debt maturities, evidencing its ability to raise funding despite market turbulence. write your comments about the article :: © 2009 Construction News :: home page |