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Sacyr Post 3Q Profit Up, but on Course for Hefty Full-Year Loss

Date : 11/14/2012 @ 10:54PM
Source : Dow Jones News
Stock : Ypf Sa (YPF)
Quote : 29.43  0.19 (0.65%) @ 2:37AM
Y P F Sociedade Anon share price Chart

Sacyr Post 3Q Profit Up, but on Course for Hefty Full-Year Loss

Y P F Sociedade Anon (NYSE:YPF)
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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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