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FCC: Net Profits up by 9.9%

11/05/2005

FCC: Net Profits up by 9.9%

The revenues of Fomento de Construcciones y Contratas, S.A. (FCC) for the first quarter of this year totalled 1,526.8 million euros, which represents a 4.3% increase over the same period last year.

The good performance of revenues is based on a solid increase in the services area (+8.9%).

Also noteworthy during the first quarter was the growth of international business by 16.2%, to a total of 132.7 million euros. This figure means that sales abroad accounted for 8.7% of the total.

Revenues by Activity (millions of euros)
  31/03/05 31/03/04 % change % Total
Public services 583,2 535,3 8,9 36,5
Construction 741,6 726,7 2,1 49,6
Cement 200,2 202,4 -1,1 13,8
Torre Picasso 5,5 5,3 3,8 0,4
Intergroup (3,7) 5,3 (30,2) (0,4)
TOTAL 1.526,8 1.464,4 4,3 100

The gross operating profit was 196.5 million euros, which represents an increase of 9.7%. The contribution of all strategic areas to EBITDA increased: Services (+14.9%), Construction (+8%) and Cement (+2.0%). The sales margin rose by 0.6 percentage points to 12.8%.

The net operating profit was 123.8 million euros, with an increase of 14.6% compared to the year before. The performance of the Services area was notable in this regard, accounting for 38.7% of EBIT.

The profits before taxes were up by 9.3% to 131.5 million euros and the net profits after taxes and minority shareholders were 80.9 million euros, 9.9% more than last year. The net sales margin ended the quarter at 5.3% compared to 5.3% at the end of the first quarter last year.

The Group's investments totalled 126.7 million euros, which was 7.5% higher than the same period last year.

As of 31 March of this year, the portfolio of construction and services on order with all of the companies of the FCC Group totalled a record 17,726.3 million euros, an 11.2% increase over the same date last year.