FCC Group, the Spanish environmental services, infrastructure and water management company, has announced a net profit of €21.4 million in the first quarter.
The Group reported a 12.7% increase in EBITDA to €173 million in the first quarter of 2017, reflecting sustained growth in operating profitability across its business areas.
Just under 45% of the Group’s revenues in the period came from international markets, with the water division accounting for 29.5% of EBITDA.
Earlier this year the WWTP for Egypt's capital city, developed and managed by FCC Aqualia, was classified by the UN as an international benchmark in the area of public private partnerships (PPP) in water management. It was the first water PPP project in Egypt, and serves one million people. The new plant contributes to the achievement of the UN's Sustainable Development Goals.
Net profit amounted to €21.4 million in the first quarter, contrasting with a loss of €-16.7 million in the same period last year, even though the latter included one-off capital gains (Realia and other investees). The Group said the result marks a sharp turnaround due to the progressive visibility of efficiency and profitability, both operational and financial, of Group operations.
Group revenues declined by -2.8% in the first quarter of 2017 to €1,343.3 million, mainly as a result of the deconsolidation of the Cement business in the US initiated in November 2016 and of the impact of sterling.
Adjusting for both effects, FCC Group revenues would have increased by +2.2% year-on-year in the first quarter.
In March, the FCC Environment division started up its ninth energy-from-waste plant, to serve Worcestershire and Herefordshire, in the United Kingdom. The facility was designed, developed and built by Mercia Waste Management, which is 50% owned by FCC.
The plant will be able to process up to 200,000 tons of waste per year and has 15 MW installed capacity to generate electricity, which will be fed to the grid.
The Environment division now has nine plants for reusing and obtaining energy from municipal solid waste, making it a world leader in end-to-end treatment of municipal waste.
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