Ferrovial, like Abertis, touts internationalisation

The developer has recorded a net profit of €287 million in the first half of the year.

Ferrovial upped its net profit in the first half (H1) of 2013 by 12 percent to €287 million while also raising its profile abroad, according to a press release.

Like its national rival Abertis, itself a Barcelona-headquartered conglomerate which recorded 65 percent of its revenue from abroad, Ferrovial, which is headquartered in Madrid, touted its H1 “outside Spain”.

Ferrovial said non-domestic revenue “increased by 11.8 percent […] to account for 67 percent of the total” to “partly offset the decline” in Spain.

Ferrovial also cited an “all-time record backlog” in construction of €23.7 billion as emblematic of its “growing prominence” in the non-domestic market.

EBITDA, or earnings before interest, taxes, depreciation, and amortisation, for H1 totaled €415 million, compared with €439 million in 2012.

EBITDA increased at Heathrow Airport, a Ferrovial asset since 2006, by 18.2 percent, as well as by 10 percent at the 407 Electronic Toll Route (407 ETR) in Ontario, Canada.

The public-private partnership (PPP; P3) developer also recorded a strong net cash position of €427 million. Toll road revenue was up 11 percent to €206 million, Ferrovial said.