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UPDATE 1-FCC Q1 net profit up 9.8 percent, beats forecast

Published 05/06/2011, 02:53 AM
Updated 05/06/2011, 02:56 AM

* Net profit 40.5 million euros, vs 34.0 million forecast

* Core profit 292 million euros, vs 294 million forecast

MADRID, May 6 (Reuters) - Spanish group FCC posted a 9.8 percent rise in first-quarter net profit, after a strong performance from its environmental services division offset the slump in its domestic construction business.

FCC said on Friday net profit rose to 40.5 million euros ($56.6 million), compared with a forecast for 34.0 million in a Reuters poll in which estimates were in a 30.8-43.0 million range.

"The results reflect the sectorial and geographical diversification of the group," chief executive Baldomero Falcones said.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 4.2 percent to 292 million euros, compared with a forecast for 294 million.

Net debt stood at 8.23 billion euros at end-March, up from 7.75 billion at end-December.

FCC will hold a conference call with analysts at 0700 GMT, where the focus will be on any update on planned asset sales. (Reporting by Sonya Dowsett; Editing by Dan Lalor) ($1 = 0.7158 euro)

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