OHL lost almost nineteen times less in the first quarter of the year compared to the same period in 2018, going from losses of 144.9 to 7.7 million euros after reducing overhead costs, portfolio review and cash control that it has implemented.
As reported by the company this Monday to the National Securities Market Commission (CNMV), the ebitda was 9.1 million, compared to the negative result of 37 million registered in the first quarter of 2018, and remains positive for the second consecutive quarter.
OHL obtained positive results at the operating level in the first three months of the year and all activities (Construction, Industrial and Services) generated gross operating profit (ebitda). Sales fell 3.3% between January and March and stood at 684.7 million. OHL’s total short-term portfolio amounted to 5,336.4 million as of March 31, 2019, with contracting in the quarter of 643.4 million.
By business, sales in the Construction area fell 5.8% to 684.7 million, while ebitda grew 12.8% to 14.1 million.
The construction business portfolio reached an amount of 4,715.1 million, which represents 23.6 months of sales, and OHL contracted projects for 533.4 million: 47.5% in the US, 30.6% in Europe and 14.3% in Latin America.
The Services division increased its sales by 8.1% to 66.5 million, while the Industrial branch grew by 11.1% to 54.2 million euros. In the chapter of other divisions, sales rose 34.6% to 3.5 million.
OHL has highlighted this Monday the company’s normalization process and the recovery of the construction business thanks to the measures it has implemented, which it says will allow it to achieve higher margins at the operating level, as the year progresses.
In addition, during the first quarter of 2019, cash consumption was 50.2% lower than in the same period last year.
Net debt at the end of the first quarter stood at 216.7 million euros, 37.5% less, and the group’s total liquidity stood at 905.9 million euros.
The titles of the construction company have closed this Monday with a decrease of 2.7%, up to 1,015 euros. So far this year, they accumulate a revaluation of 56%.