Ferrovial posts H1 net profit of 50 million euros as traffic recovers

MADRID (Reuters) – Spanish conglomerate Ferrovial on Thursday reported a net profit of 50 million euros for the first half of 2022, leaving behind a gruelling period of losses as more cars got back on the road and more airplanes took off.

Ferrovial said revenues rose 6.2% to 3.46 billion euros in the first six months of 2022 due a steady recovery of the toll road and airport markets as rules imposed during the COVID-19 pandemic were almost all lifted in Europe and North America. It also benefited from several construction projects.

Last year, the company was affected by coronavirus restrictions on air traffic and travel in the United Kingdom, where it operates London Heathrow airport, Britain’s busiest airport.

The U.S. accounts for 76.8% of Ferrovial’s toll road revenues, and the company said it has fully recovered to pre-pandemic levels despite the deterioration of the macroeconomic environment, the impact of the Omicron variant and weather conditions in the first quarter.

Its construction order book reached 12.04 billion euros in June, down 4.1% from a year ago. This excludes pre-contracts with a total approximate value of 1.8 billion euros, the company added.

Ferrovial said it has a solid financial position and its net cash excluding infrastructure projects amounted to 1.52 billion euros, including discontinued operations.

(Reporting by Corina Pons; Editing by Leslie Adler)