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Spanish Builder - FCC's profit beats forecasts

Source: Reuters - Fri 12th Nov 2010

Spanish builder FCC posted a forecast-beating nine-month net profit of 200 million euros on Friday, with strength in its services and energy units offsetting a continued slump in construction.

FCC has re-positioned itself in renewable energy and waste management, and diversified into international markets, to shield itself from sharp falls in domestic construction activity after a decade-long boom collapsed a few years ago.

Net profit was down 0.8 percent from a year ago, while earnings before interest, tax, depreciation and amortisation (EBITDA) fell 3.4 percent to 1.04 billion euros in the nine-month period, in line with estimates.

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