Spain's engineering firm Sacyr says 9-month profit rose in-line with expectations
MADRID, Nov 6 (Reuters) -Spanish engineering firm Sacyr said on Wednesday its net profit in the first nine months rose 1% to 74 million euros ($79.53 million), largely in line with analysts' expectations.
The company, which focuses on motorway concessions and is seeking a partner to invest in larger highway projects in the United States, said its revenues rose 1% to 3.26 billion euros from the same period last year, but EBITDA fell 2% to 948 million euros.
Analysts polled by LSEG, on average, had expected the company to post a net profit of 74.2 million euros, revenues of 3.21 billion euros and an EBITDA of 959 million euros, slightly above what the company actually reported.
The concessions business was the best performer in the period and accounted for 90% of the EBITDA, mainly thanks to the motorways the company manages in Latin America. The water business also grew by 5% in the first nine months, but revenue in the engineering business fell 1%.
Sacyr said it has started the process to find a minority shareholder in Voreantis, its unit handling concessions, and expects to meet with investors in the coming months to close a deal next year. The operation would allow it to raise cash and get more financial weight to be better compete with larger rivals for concessions contracts.
($1 = 0.9305 euros)
Reporting by Corina Pons, editing by Inti Landauro
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