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Spain's ACS 9-mth net profit down on lower one-offs

Source: Reuters - Thu 28th Oct 2010

Spain's ACS on Thursday posted a 36.5 percent decline in nine-month net profit to 1.13 billion euros, in line with analyst forecasts due to lower one-time gains from asset sales compared with a year ago.

Core profit for the builder, which is involved in a takeover bid for Germany's Hochtief, rose 8.1 percent to 1.19 billion euros, as strength in its industrial services business offset a prolonged construction slowdown in Spain.

Net debt for the company, which is also pursuing a larger stake in Iberdrola, reached 9.08 billion euros at the end of September, down 2.1 percent from 2009.

ACS said it held 12.5 percent of Iberdrola at Sept. 30.

Shares in ACS closed down 0.13 percent before the results release, compared with an 0.5 percent gain on the Spanish blue chip index.

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