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Ferrovial posts big profit increaseFerrovial posts big profit increase
John Gallagher
3-May-2006
The Spanish firm, leader of a consortium aiming to buy BAA, has announced net profit growth of 44% in the first three months of 2006
Spanish infrastructure specialist Grupo Ferrovial has announced a 43.6 % increase in net profits to €111.6m ($134.5m) for the first quarter of 2006. The company, which is bidding to take over UK airports group BAA, recorded an increase in EBITDA of 41.3%, to €328.8m ($396.1m).Ferrovial's first-quarter turnover rose by 38.3% from €1.81bn ($2.18bn) to €2.5bn ($3bn), with all the company's business activities showing strong growth. Turnover at the construction division increased by 26.7%, services by 58.6%, real estate by 39.1% and infrastructure by 22.4%.
Growth in the first quarter has been driven by the consolidation of figures from recent acquisitions Swissport, Hebber and Owen Williams.
Spanish market analysts described the results as "very positive" and ahead of expectations.
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