By Pablo Dominguez
MADRID--Spanish construction company Sacyr-Vallehermoso SA
(SYV.MC) said Wednesday its net profit rose in the third quarter,
but the group remained on track for a hefty annual losses due to
losses related to its the sale of a stake in oil company Repsol SA
(REP.MC).
MAIN FACTS:
-The company reported a net profit of 33.9 million euros ($43.2
million), compared with a net profit of EUR16.39 million a year
earlier.
-For the nine months, Sacyr posted a net loss of EUR701.4
million, compared with a net profit of EUR120.2 million a year
earlier.
-The losses were linked with a charge of EUR850 million to lower
the value of its stake in Repsol, following the expropriation of
Argentine unit YPF SA (YPF) by the Argentine government.
-The sale of a 10% stake in Repsol late last year also had an
impact on Sacyr's results due to lower contributions linked to its
investment in the oil firm.
-Net debt stood at EUR8.82 billion.
-Revenue for the group as a whole fell to EUR2.65 billion from
EUR3.03 billion a year earlier. Revenue from construction
operations dropped 25% on the year to about EUR1.46 billion.
Write to Pablo Dominguez at pablo.dominguez@dowjones.com
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