FCC net falls 8% as cement sales drop, Spain

FCC net falls 8% as cement sales drop, Spain
Published: 27 February 2010

Fomento de Construcciones y Contratas SA, the Spanish construction and engineering company, said 2009 profit fell eight per cent on lower cement sales, Bloomberg reported.

Net income declined to EUR307.2m (US$418m) from EUR334m a year earlier, the Barcelona-based company said today in a regulatory filing. Analysts had predicted profit of 291.5 million euros, the average estimate compiled by Bloomberg.

Chairman and Chief Executive Officer Baldomero Falcones, speaking today on a conference call, pledged to boost sales and profit this year as an expansion abroad and in renewable-energy services drives growth. FCC aims to generate 60 percent of sales outside Spain in two to three years, up from 44 percent in 2009, he said.

Sales slipped 6.7 percent to EUR12.7bn as cement sales slumped 27 per cent to EUR1bn.