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Contract provisions drag Ferrovial books to H1 loss

Ferrovial SA booked a net loss in the first half of the year due to a provision for possible losses on its subsidiary's contract with the Birmingham City Council.

The Spanish infrastructure operator and municipal services provider posted a net loss of €72 million in the first six months of 2018, compared with a net income of €240 million in the year-ago period. EBITDA plunged 73.9% year over year to €122 million from €469 million.

The company said the results were negatively affected by a €237 million charge booked for possible losses on Amey's contract with the Birmingham City Council. Excluding the impact of this charge, EBITDA would have amounted to €359 million.

Revenues fell 2.1% to €5.94 billion from €6.06 billion, with the toll roads and services business units posting declines.

Divestments reached €48 million in the first half, compared with €167 million in the year-ago period. Backlog totaled €30.17 billion, of which services accounted for €19.08 billion and construction for €11.09 billion.