3 D Sys Corp Dl 001 (TG:SYV)
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Highly indebted Spanish construction company Sacyr-Vallehermoso SA (SYV.MC) Monday restated its 2008 results, posting wider losses on accounting adjustments and higher provisions.

Madrid-based Sacyr said its net loss for 2008 widened to EUR256 million, compared with a previously stated loss of EUR176.8 million.

The company reported a net profit of EUR946.4 million in 2007.

A Sacyr press official said the changes were conducted to follow "a more prudent accounting criteria."

Sacyr, which embarked on ambitious, leveraged acquisitions when liquidity was abundant, has been recently forced to sell assets as financing costs jumped and Spain's real estate market imploded. It also failed to launch a share offering for its toll-road operations on waning investor interest.

Sacyr said in a filing with regulators that restatements include a provision of EUR37.2 million for uncollected loans. It also reclassified EUR35 million in accounts receivable as expenses.

At its real estate and property operations, Sacyr took charges of about EUR44.2 million after failing to exercise some sell options. It also booked EUR60.6 million as provisions due to accounting adjustments.

Restated earnings before interest, taxes, depreciation and amortization, or Ebitda, for 2008 narrowed to EUR609.3 million, compared with a previously reported Ebitda of EUR644.2 million for the same period. In 2007, Sacyr reported Ebitda of EUR862.8 million.

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

Company Web site: www.gruposyv.com

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

(Pablo Dominguez contributed to this article.)