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| Acciona reports Q1/09 net profit of 149 million euros Spanish contractor Acciona closed Q1/09 with a net profit of 149 million euros, a figure similar to the same period in 2007 (154 million euros). The company's participation in Endesa in this period appears on the balance sheet as "non current assets held for sale", and comparable figures have been formulated to allow comparison with results for Q1/08. Revenues came to 1.395 billion euros, down 10.7% in comparable terms on Q1/08, mainly as a result of falling energy prices (-38%). This also accounts for the 15.2% dip in EBITDA in comparable terms, from 231 million euros to 196 million euros, along with the fall in margins in Acciona Infrastructure and Acciona Real Estate, and the effects of divestment of the Group's funerary business, Mémora, and of a number of minority stakes in transport concessions. Group net consolidated debt fell by a hefty 70.1%, to 5.347 billion euros, from 17.897 billion euros at year-end 2008. Accordingly, financial gearing, i.e. the net debt/equity ratio, narrowed to 112% from 283% at year-end 2008. write your comments about the article :: © 2009 Construction News :: home page |