ACS Full-Year Net Gains 17% After Chile Asset Sales

Actividades de Construccion y Servicios SA, Spain’s biggest construction company, said full-year profit rose 17 percent after selling assets in Chile.

Net income advanced to 1.81 billion euros ($2.31 billion) compared with 1.55 billion euros a year earlier, Madrid-based ACS said in a regulatory filing after the close of trading today. Analysts surveyed by Bloomberg estimated profit of 1.82 billion euros. Sales gained 4.3 percent to 16 billion euros.

ACS agreed in July to sell its remaining 51 percent stake in two Chilean highways for 368 million euros to Abertis Infraestructuras SA and a venture-capital unit of Banco Santander SA. The disposal helped bolster profit after a construction slump in Spain caused construction revenue to fall 9.9 percent to 6.63 billion euros last year.

The company is the second of Spain’s biggest construction groups to report full-year numbers. Fomento de Construcciones & Contratas SA, Spain’s third-biggest builder, today said profit fell by more than half to 337 million euros last year. Grupo Ferrovial SA (FER) and Acciona SA (ANA) release earnings tomorrow.

ACS holds an analyst conference at 12:00 p.m. local time tomorrow.

To contact the reporter on this story: Brian McGee in Madrid at bmcgee3@bloomberg.net

To contact the editor responsible for this story: David Merritt at dmerritt1@bloomberg.net

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