Ferrovial revenue down 14%, EBITDA down 17% in 1Q2011

Spain's Ferrovial revenue down 14% - financial highlights for the three months ended 31-Mar-2011:

• Revenue: EUR2281 million, -13.8% year-on-year;
  • Airports: EUR618.1 million, +4.1%;
    • BAA: EUR616.4 million, +4.0%;
• EBITDA: EUR427.8 million, -16.5%;
  • Airports: EUR256.0 million, +16.6%;
    • BAA: EUR259.3 million, +16.6%;
• EBIT: EUR202.3 million, -21.2%;
• Net profit: EUR223.8 million, compared with a loss of EUR80.3 million in p-c-p;
• Passenger numbers (BAA): 22.9 million, +1.5%;
• Total assets: EUR41,394 million, -4.4% when compared with the period ended 31-Dec-2010;
• Cash and cash equivalents: EUR2977 million, +10.2% when compared with the period ended 31-Dec-2010;
• Total liabilities: EUR34,758 million, -5.2% when compared with the period ended 31-Dec-2010. [more]

Ferrovial: "The airports division was affected in 2011 by the calendar effect (Easter fell in April) and, to a lesser extent, by the conflicts in the Middle East and the earthquake in Japan. Heathrow's traffic totalled 15 million passengers, ie growth of 2.5% in the first three months of the year. Traffic performance, higher fees and growth in retail revenue due to improved sales at airport shops and parking lots were the main drivers of EBITDA growth which, together with cost containment, improved margins," Company statement. Source: Ferrovial, 28-Apr-2011.