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Spanish Ferrovial Slashes Losses in H1 2019

Infra News - Published on Tue, 06 Aug 2019

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Spanish transport infrastructure specialist Ferrovial has cut its losses for the first half of 2019 from EUR 72 million to EUR 6 million on a turnover of EUR 2 billion, 82% of which was obtained outside Spain. It attributed the loss to a EUR 345 million provision for “certain construction contracts in the US”. Construction revenues totalled EUR 2.3 billion, 8.6% less than in the same period of 2018, 83% of which was from international contracts, particularly in the United States and Poland. Budimex, its Polish subsidiary, contributed 33% of revenues and the US contributed 28%.

The company said its principal assets performed well, with revenue from its Texan road tolls up 45% and Heathrow Airport up 7% after a 39-million increase in passengers. Ferrovial collected EUR 244 million in dividends from its equity investments, including GMP 200 million from Heathrow. Dividends from toll roads increased 10%.

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Posted By : Mohan Sharma on Tue, 06 Aug 2019
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