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FCC: Net Profits up by 27.2%

11/05/2004

FCC: Net Profits up by 27.2%

Fomento de Construcciones y Contratas, S.A. (FCC) earned revenues of 1.4 billion euros in the first quarter of the year, an increase of 7.3% over the same period last year.

The good performance of revenues was based on increased sales in the Group's strategic areas: Services (+6.5%), Construction (+7.5%) and Cement (+6.8%).

Revenues by Activity (millions of euros)
  31/03/04 31/03/03 % change % Total
Public services 503,2 472,3 6,5 34,7
Construction 704,2 655,0 7,5 34,7
Cement 200,9 188,1 6,8 13,9
Other 61,2 60,0 2,0 4,2
Intergroup (22,1) (26,1) (15,5) (1,5)
TOTAL 1.447,4 1.349,3 7,3 100

The gross operating profits were 180.9 million euros, which represents an increase of 11.3, with an increase in the contribution of all strategic areas to EBITDA: Services (+11.6%), Construction (+8.9%) and Cement (+6.0%). The sales margin rose by 0.5% to 12.5%.

The ordinary profits were 112.6 million euros, an increase of 8.3% compared to the previous year. It is notable that the Group was able to contain its financial results as a consequence of reduced indebtedness and lower interest rates in Europe and the United States.

The profit before tax was up by 26.1% to 134.4 million euros and the net profit, after deducting taxes and minority shareholdings, was 86.4 million euros, or 27.2% more than the year before. The net profit on sales was 6% as opposed to 5% in the first quarter or last year.

The Group invested a total of 117.9 million euros.

As of 31 March of this year, the portfolio of construction and services pending completion by all of the companies of the FCC Group amounted to a record total of 16 billion euros, a 2% increase over the same date last year.