Ferrovial earnings rise
By Helen Wright31 October 2012
Spanish contractor Ferrovial’s construction division saw positive year-on-year developments in the nine months to 30 September after a significant decrease in domestic demand was offset by increased international activity.
Ferrovial reported revenues for the nine-month period of €3.2 billion, up 0.8% year-on-year, while earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped 37% to €241 million.
Performance in the period reflects advancement by the international business, especially its Polish subsidiary Budimex and US subsidiary Webber, whose revenues increased by 17% and 38%, respectively.
However, the company’s backlog was down 9.3% year-on-year at the end of September to €9.1 billion. Ferrovial said this was due to a combination of completed contracts, weak domestic business and the fact that the figure did not include some recent, large awards – including a US$1.4 billion (€1.1 billion) contract to design, build and finance the new Route 460 highway in Virginia, US.
Ferrovial said 69% of the total backlog, or €6.3 billion, was generated internationally.