{"id":1390,"date":"1999-11-03T00:00:00","date_gmt":"1999-11-03T00:00:00","guid":{"rendered":"https:\/\/newsroom.ferrovial.com\/press_releases\/ferrovial-obtains-net-profits-of-1205-billion-the-third-quarter-up-40\/"},"modified":"2024-10-04T11:46:37","modified_gmt":"2024-10-04T09:46:37","slug":"ferrovial-obtains-net-profits-of-1205-billion-the-third-quarter-up-40","status":"publish","type":"press_release","link":"https:\/\/newsroom.ferrovial.com\/en\/press-releases\/ferrovial-obtains-net-profits-of-1205-billion-the-third-quarter-up-40\/","title":{"rendered":"Ferrovial obtains net profits of 12.05 billion in the third quarter, up 40%"},"content":{"rendered":"    <section class=\"wysiwyg text-editor \" id=\"\">\n        <div class=\"container container--narrow container--p-10\">\n            <p><strong><img decoding=\"async\" class=\"alignleft\" src=\"\/wp-content\/uploads\/noticias\/img_autopista6.gif\" alt=\"\" \/><\/strong><\/p>\n<p><em>Without the extraordinary expenses deriving from the merger of the construction businesses, net profit would be up by 94%<br \/>\n<\/em><br \/>\nFerrovial ended the third quarter of 1999 with <strong>net profit<\/strong> attributable to the controlling company of Ptas 12.05 billion (Euros 72.4 million), an increase of 40% on the Ptas 8.62 billion of September 1998. If the extraordinary expenses deriving from the merger of the construction businesses is eliminated, net profit would have risen by 94%. <strong>Profit before tax<\/strong> amounted to Ptas 20.71 billion (Euros 124.5 million), up 54%.<\/p>\n<p>The positive performance of the results of Grupo Ferrovials business is reflected in the 76.7% increase in <strong>operating income<\/strong>, which rose to Ptas 20.92 billion (Euros 125.8 million); with a share of 57% in this, businesses other than construction are gaining weight and notable amongst them are infrastructure concessions, which contributed 38% of the total. <strong>Ordinary income<\/strong> totaled Ptas 21.33 billion (Euros 128.2 million), an increase of 100%.<\/p>\n<p><strong>Consolidated sales<\/strong> amounted to Ptas 314.21 billion (Euros 1,888.5 million) in the third quarter of the year, 14% more than in September 1998, reflecting the growth in all the business divisions: sales rose by 7% in construction, by 28.8% in the real estate division, by 200% in infrastructure concessions and by 37.3% in services.<\/p>\n<p>The rapid process of integrating the Groups construction businesses in Ferrovial Agrom\u00e1n produced non-recurrent extraordinary expenses of Ptas 4.63 billion (Euros 27.8 million) at the end of September 1999, which implies that over 90% of the costs of the merger foreseen for the whole year have been posted. The annual savings expected as a result of this integration process amount to between Ptas 4 and Ptas 5 billion (Euros 25-30 million), which will be obtained in their totality as from the year 2000. The saving to be obtained in 1999 is estimated at some Ptas 1 billion (Euros 6 million).<\/p>\n<p>In 1999, Grupo Ferrovial has made a major <strong>investment effort<\/strong>, with investments amounting to Ptas 111.6 billion (Euros 670 million) in September 1999, outstripping the figure for the whole of business year 1998. By divisions, infrastructure concessions account for 60% of capital expenditure (Ptas 67 billion), which largely went to Canadas H407 Motorway and to the management of nine airports in Mexico.<\/p>\n<p><strong>Sharp increase in sales<\/strong><\/p>\n<p>All the business divisions present large increases in their sales figures: <strong>construction<\/strong>, with Ptas 263 billion, outstrips the figure for September 1998 by 7%. As of 30 September 1999, the construction backlog totaled Ptas 638 billion (Euros 3,838 million), a 7% increase on September 1998.<\/p>\n<p>In the <strong>real estate business<\/strong>, sales totaled Ptas 21.5 billion, up 28.8%. The figure corresponding to committed sales amounts to Ptas 56.7 billion, 65% more than in September 1998 and outstripping the sales commitments for the whole of 1998.<\/p>\n<p>Sales in the <strong>infrastructure concessions business<\/strong>, run by Cintra, rose by 200% to reach Ptas 21.48 billion (Euros 129.1 million) as of 30 September. In this business, motorways account for 60% of the total.<\/p>\n<p>The most notable feature of this business is the long-term financing of 73% of the bridging loan obtained to purchase the concession of the H407 Motorway in Toronto. The loan amounts to Canadian $ 2.3 billion and was financed through bond issues, which received an &#8220;A&#8221; rating from Standard&amp;Poors, in only 5 months, way below the 3-year period foreseen. It is estimated that the remainder of the financing will be closed in the first half of next year.<\/p>\n<p>Sales in the <strong>services<\/strong> business rose sharply to reach Ptas 10.9 billion, 37.3% more than in the same period last year. The backlog of services totals Ptas 100.8 billion, 29% more than in September 1998.<\/p>\n        <\/div>\n    <\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","nivel-2":[1089,2344,1149,2276,1199,1070,1915],"nivel-5":[2148],"nivel-1":[902,896,903],"nivel-3":[],"nivel-4":[],"class_list":["post-1390","press_release","type-press_release","status-publish","hentry","nivel-2-bonds","nivel-2-concessions","nivel-2-infrastructures","nivel-2-mergers-and-acquisitions","nivel-2-results","nivel-2-shareholders-and-investors","nivel-2-urban-mobility","nivel-5-ferrovial-construction","nivel-1-airports","nivel-1-construction","nivel-1-highways"],"acf":[],"yoast_head":"<title>Ferrovial obtains net profits of 12.05 billion in the third quarter, up 40% Ferrovial<\/title>\n<meta name=\"description\" content=\"Sala de prensa Ferrovial | \u00daltimas noticias\" \/>\n<meta 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