FCC increases losses in 2016 by adjustment in value in the cement business – Investing.com Spain

MADRID (Reuters) – The constructor of FCC (MK: a) increased its losses in 2016 in more than 100 million euros after adjusting the book value of its subsidiary cement Portland in the middle of a takeover bid for exclusion of the value.

The loss of 2016 amounted to 165,2 million euros, compared to € 46.3 million lost a year earlier.

on the contrary, the gross result of exploitation (EBITDA) rose 2.3 percent, to 833,7 million euros, thanks to the reduction in spending, which offset a decline of 8.1 percent in revenues, 5.951,6 million.

The group attributed the drop in turnover mainly to the continued fall in demand from the Construction area in Spain, by the contraction that is maintained in the demand for investment in public work”.

The company highlighted that by the end of 2016 the debt of the Group of Citizen Services stood at 3.595,8 million euros, which represents a reduction of 34.3 per cent over the previous year due to “the strong generation of operating cash and the measures applied in the structure of capital”.

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