Isolux Corsán's Revenues Increase 5.2% to €977m in the First Half

Aug 27, 2015, 05:30 ET from Isolux Corsan

MADRID, August 27, 2015 /PRNewswire/ --

  • Backlog climbs 4% with respect to the same period last year, up to €7,150m
  • New orders on large international projects reaches €1,222m

Isolux Corsán posted revenues of €977m in the first half of 2015, which represents an increase of 5.2% with respect to the same period last year. This figure would have climbed to €1,463m, an increase of 23%, if the new adjustment in the consolidation method, as a consequence of applying accounting standard IFRS11, had been excluded.

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The Company's EBITDA reached €93m, a decline of 22% with respect to the same period last year. This decrease is due to higher pressure on margins in some projects in Latin America, among other reasons. Additionally, in the first half of 2014, there were certain positive non-recurring impacts which made the base of comparison higher. Isolux Corsán managed to reduce losses to almost half, posting a net loss of €17m with respect to €28m in the same period in 2014. This drop is driven mainly by the higher result coming from the concessions business, consolidated through the equity method.

The Group's backlog reached €7,150m in the first six months of the year, an increase of 4% with respect to the same period in 2014. The new orders reached €1,222m in the period. The main contracts awarded include a highway in Romania for a total contract value of €120m, the high speed rail (AVE) in the Basque Country (Spain) for €101m, and a solar photovoltaic plant in Japan for €60m.

Latin America continues to consolidate, yet another quarter, as a strategic area for the Company and represents 58% of the revenues generated in this period. In the Middle East, Isolux Corsán continues to increase its footprint, as the company has been selected as preferred bidder for the execution of the metro subway in Mecca (Saudi Arabia), a project with a budget of over €900m.

About  Grupo Isolux Corsán

Isolux Corsan Group is a global benchmark in energy, concessions, construction and maintenance of major infrastructure and operates in 40 countries on four continents. In the energy sector, Isolux Corsán is one of the leading operators in the world in energy T&D installation and maintenance, one of the largest builders of EPC projects in the solar photovoltaic industry, and occupies an important position among large builders of power plants under EPC contracts.  

In addition, the Group holds concessions for 27,000 parking spaces in Spain and manages, through its subsidiary Isolux Infrastructure, concessions for 5,959 km of transmission lines in Brazil, India and the U.S; 1,643 km of highways in India, Brazil, USA, Mexico and Spain and promotes and manages 286 MW of solar PV power plants in Spain, the U.S., India, Italy, Peru, Puerto Rico, Mexico and Japan. 

SOURCE Isolux Corsan