Portuguese construction company Teixeira Duarte lost 22.5 million in the first quarter

Lisbon, May 30 (EFECOM) .- The Portuguese construction company Teixeira Duarte lost 22.46 million euros in the first quarter, a figure that contrasts with the profits of 15.37 million it had in the same period of 2015.

In a statement to the Portuguese Securities Market Commission (CMVM), Teixeira Duarte explained that this result was influenced by the variation in the exchange rates with which it operates and by the “negative impact” of the loss of value ( 6.4 million euros) of its shareholding in BCP bank.

Gross operating profit (ebitda) increased 41%, to 48.5 million euros, compared to 34.3 million in the same period of 2015.

However, its turnover fell 19.5% to 289.5 million in the first quarter, 70 million less than in the same period of 2015.

Foreign markets, which in March of last year accounted for 85.6% of the business volume, rose to 82.2%.

The group’s net debt was reduced by 15% and stood at 1,153 million euros.

Teixeira Duarte, founded in 1921, is one of the largest business groups in Portugal and currently has about 13,000 workers.

It is in about a dozen countries, including Venezuela, where it carries out activities in sectors such as construction, concessions, services and real estate. EFECOM