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FCC - 1Q16 RESULTS
​FCC, the Spanish construction and utility operator, reported mixed 1Q16 results, as the deterioration in construction outweighed an overall positive performance in the rest of the business. Revenue tumbled by 6.8% yoy to €1,382m and EBITDA to €154m from €169m last year, or an 11.1% margin, down 0.3pts. Performance in construction (26% of group sales) was dismal, with revenue plunging by 18.6% and EBITDA dropping by €30m to a negative €9m.
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