3 D Sys Corp Dl 001 (TG:SYV)
Historical Stock Chart

From May 2019 to May 2024

Highly indebted construction company Sacyr-Vallehermoso SA (SYV.MC) said Friday it swung to a loss last year, pressured by a weak economy and the sale of its 33% stake in France's Eiffage SA (13045.FR).

Madrid-based Sacyr reported a net loss of EUR176.8 million for 2008, compared with a net profit of EUR946.4 million in 2007.

Sacyr previously consolidated results from Eiffage on its balance sheet. It pulled out from a hostile takeover bid for Eiffage, selling the stake at a EUR3-million loss below its investments in the company.

Sacyr recently agreed to sell highway operator Itinere Infraestructuras SA (ITI.MC) to a Citigroup Inc. (C) infrastructure fund, in a deal valued at EUR7.89 billion, including EUR5.01 billion in debt.

Sacyr, which embarked on ambitious, leveraged acquisitions when liquidity was abundant, was forced to sell the unit as financing costs jumped and the country's real-estate market imploded. It also failed to launch a share offering for Itinere on waning investor interest.

Sacyr shares lost more than 70% last year, amid concerns on its capabilities to service debt. The company has also struggled to sell its 20% stake in oil company Repsol YPF (REP) to cut down on debt, which amounted to EUR14.49 billion at the end of 2008.

Sacyr said revenue rose to EUR5.38 billion in 2008 from EUR5.24 billion in 2007. Earnings before interest, taxes, depreciation and amortization fell to EUR644.2 million from EUR862.8 million a year earlier.

Company Web site: www.gruposyv.com

  -By Santiago Perez, Dow Jones Newswires; 34 91 395 8127; santiago.perez@dowjones.com