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| FCC first quarter profit rises 10%  Spanish builder FCC obtained a profit of 40.5 million euro in the first quarter of 2011, an improvement of 9.8% compared with the same period of 2010. These results reflect the positive performance of the more recurring businesses such as Environmental Services, where EBITDA expanded a notable 11.5%, broadly offsetting the impact of the decline in activity in the Construction and Cement areas in Spain.FCC Chairman and CEO, Baldomero Falcones: "These first-quarter figures reflect the Group's commitment since inception to geographic and sectoral diversification as well as efforts to manage costs and the balance sheet." EBITDA amounted to 291.7 million euro in the period, i.e. a 4.2% decline compared with 1Q10, but the EBITDA margin improved by 0.1 percentage points to 11.9%. Adjusting for the decrease in consolidation scope due to divestments at FCC Versia, EBITDA would have declined by just 2.1%. Revenues amounted to 2.459 billion euro in the period, a decline of 4.9% with respect to 1Q10. This performance reflects the combined effects of sustained growth in the Environmental Services division (+2.2%) and in the Construction and Cement divisions outside Spain (+8.9%), and the slowdown in activity in the latter two areas in Spain. Lower wind levels reduced the Energy division's revenues. Net debt totalled 8.230 billion euro, down 1.8% with respect to March 2010. This year-on-year decline is attributable to the seasonal fluctuations in working capital in the Construction division: it tends to expand in the first half of the year and then decline, in line with previous years. Activity outside Spain continued to grow, accounting for 45.9% of Group revenues, an increase of 8.5%. Foreign revenues are concentrated in other European countries, which accounted for 83.7%, the bulk of which comes from the Construction and Environmental Services divisions. The remaining 16.3% comes from America (4.9% in the US and 6.0% in Latin America) and Asia-Africa (5.4%). write your comments about the article :: © 2011 Construction News :: home page |