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Internationalisation and diversification contribute to an 2.9% increment of Mota-Engil profit

1 June 2011 No Comment

“Mota-Engil profit rises 2.9% in this quarter – The construction company headed by Jorge Coelho reached a profit of 3.1 million euros in the beginning of the year, which is higher than expected. In a statement sent to CMVM (the Portuguese Securities Market Commission), Mota-Engil informs that the Group’s net attributable profit was 2.9% higher in the first three months of the year than in the same period last year, when Mota-Engil achieved a profit of three million euros. The result was higher than the market had expected. According to a Reuters poll of five analysts, Mota-Engil should have a 17% drop in profit from January to March, to 2.5 million euros. Mota-Engil also reveals that EBITDA (earnings before interest, taxes, depreciation and amortization) increased 18.3% to 51.3 million in the quarter when compared to the same period last year, supported by a 6.5% growth in turnover to 431.4 million euros. In the statement, Mota-Engil also reveals that the company ended the quarter with a debt of 947 million euros. At the end of March 2011, the order book reached about 3.5 billion euros, of which 3 billion were related to the Engineering and Construction business area. (…)”

Source: Diário Económico, 19/05/2011