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FCC's Net Profit Up by 22.1% in the First Half of the Year


FCC's Net Profit Up by 22.1% in the First Half of the Year

Cash flow increased by 24.3%

The consolidated net revenues of Fomento de Construcciones y Contratas, S.A. (FCC) during the first half of the year were 3,035,000,000 euros, an increase of 4.2% over the same period last year.

The increase in turnover is the result of the positive evolution of all of the Group's strategic areas: Services (+5.6%), Construction (+ 3.2%) and Cement (+5.5%).

Sales by Activity (millions of euros)
  Jun-04 Jun-03 % change %Total
Services 1.063,2 1.006,7 5,6 34,4
Construction 1.458,2 1.413,2 3,2 47,1
Cement 440,8 417,9 5,5 14,2
Other 133,2 123,3 8,0 4,3
Intragroup Eliminations (59,8) (48,7)    
TOTAL 3.035,6 2.912,4 4,2 100,0

The portfolio of construction work and services as of 30 June was 15,891.6 million euros, a figure that is slightly higher than last year's. Notable within this figure was an 8.7% increase in the construction portfolio.

Gross operating profits (EBITDA) increased by 7.4% to 400.8 million euros. The sales margin stood at 13.2%, compared to 12.8% one year ago.

The ordinary results were 269.6 million euros which represents an increase of 11.6%, while the profits before taxes (BAI) were 294.9 million euros, an increase of 18.2%.

The net profit after minority shareholders grew by 22.1% over the same period last year to 186.5 million euros. This increase means that the net sales margin was 6.1%, compared to 5.2% one year ago.

At 348 million euros, cash flow during the first six months of the year was noteworthy with an increase of 24.3%.

Investments during the first half of the year amounted to 253.7 million euros and the average number of employees was 63,051, which means that 1,261 jobs have been created so far this year.