UPDATE 1-Sacyr 9-mth earnings hit by downturn, provisions - News

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UPDATE 1-Sacyr 9-mth earnings hit by downturn, provisions

By: AFX | 16 Nov 2009 | 07:41 AM ET

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MADRID, Nov 16 (Reuters) - Spanish builder Sacyr Vallehermoso reported a 25 percent fall in nine-month core earnings, its construction and property divisions still battling to cope with Spain's economic downturn. Sacyr's nine-month earnings before interest, taxes, depreciation and amortisation (EBITDA) fell to 363 million euros ($543 million), just below analysts' average forecast of 370 million euros. Heavy provisions against possible non-payment by clients affected by the financial crisis swung Sacyr to a loss before interest and tax (EBIT) of 60.8 million euros from a 355 million euro profit a year earlier, though one-off gains from asset sales pulled it to a net profit. Net financial debt fell to 12.8 billion euros at Sept. 30, down from 15.1 billion nine months earlier. Sacyr reported net profit of 461 million euros, boosted by proceeds from the sale of its motorway division Itinere earlier in the year. At 1211 GMT, Sacyr shares were 2.84 percent higher at 10.13 euros. (Reporting by Jonathan Gleave, editing by Will Waterman) ($1=.6685 Euro) Keywords: SACYR/RESULTS (jonathan.gleave@thomsonreuters.com; +34 91 585 2159; Reuters Messaging: jonathan.gleave.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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