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FCC: Ordinary profits increase by 13.3%.

08/05/2000

FCC: Ordinary profits increase by 13.3%.

Fomento de Construcciones y Contratas, S.A. (FCC) earned revenues of 161,300 million pesetas (969.43 million euros) during the first quarter of this year which represents a growth of 14.5% compared to the same period last year.

Of this amount, 142,817 million pesetas (858.34 million euros) pertain to domestic market revenues and the rest to international activities. The significant increase in international business is noteworthy at 87%.

The ordinary profits were 13,615 million pesetas (81.83 million euros) which represents an increase of 13.3% compared to the first quarter last year.

Net profits after the deduction of taxes and allocations to minority shareholders were 6,873 million pesetas (41.31 million euros) compared to 13,184 million pesetas (79.24 million euros) for the first quarter last year.

It should be noted that the first quarter results for the preceding fiscal year included 12,084 million pesetas (72.62 million euros) of capital gains generated as a consequence of the sale of 3% of the company's portfolio.

If the effects of these excess revenues were not taken into account, the growth would be 33.5%.

As of the 31st of March of this year, the portfolio of projects and services pending completion by all companies of the FCC group amounted to 1,821 billion pesetas (10,948.65 million euros) which represents an increase of 30.5% compared to the same period last year.