MADRID The Spanish engineering group and renewable energy Abengoa posted losses of about 340 million euros (387 million dollars) in the first quarter of year due to the slowdown in business after start negotiations with creditors in the last quarter of last year.
the company said in a note that sales fell more than 50 percent in the first quarter of 2016, to 719 million euros from a thousand 559 million in the same period of 2015.
earnings before interest, taxes, depreciation and amortization ( EBITDA ) were down 85 percent to 48 million euros from 321 million.
Abengoa, which has operations in Brazil , Mexico , Chile and Peru , said it continues to make progress in negotiations with creditors to restructure its debt and although liquidity constraints that are suffering, has “managed to maintain a certain level of activity. “
the most affected division was to ‘engineering and construction’, whose sales fell in the first quarter to 388 million euros from a thousand 70 million a year ago, by the suspension of some projects.
Abengoa and closed 2015 with record losses of 213 thousand million euros mainly because of the impact on their accounts for impairment of assets.
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