Madrid-based contractor FCC has announced a pre-tax profit of €318m for the first three quarters of 2017, a dramatic turnaround in its fortunes compared with the same period in 2016, when it made a loss of €44m.
The company had a turnover of €4.3bn, a 3% year-on-year fall that it blamed on currency fluctuations and the deconsolidation of its cement business.
In terms of sectors, water services reported a pre-tax profit of €182m, a 6% increase, and construction made €50m, a 49% increase. About 80% of the company’s earnings were in the water and environmental services areas.
A little more than half of FCC’s work was carried out in Spain, with the UK accounting for 14%, The Middle East and North Africa 11%, Central Europe 10% and Latin America 6%.
The company’s notable projects over 2017 include the completion of the Mersey Gateway Bridge and the Wanda Metropolitana stadium in Spain. It was part of a consortium that won a contract to upgrade three sections of railway infrastructure in Romania and FCC Aqualia, its water services arm, signed a contract worth $320m for a wastewater treatment plant in Egypt.
In January, a consortium of companies including FCC won the contract to build the terminal building for the New International Airport for Mexico City. This was not a great surprise because the majority owner of FCC, Mexican billionaire Carlos Slim, is also the moving spirit behind the airport.Â
Image: FCC’s chief executive, Pablo Colio, was appointed in September