GEK Terna reports mixed Q1 results

GEK Terna said its consolidated sales fell 6.9 pct in the first quarter to 262.4 million euros, from 281.9 million in the same period last year.

EBITDA grew 4.4 pct to 68.9 million euros, while pre-tax results showed a profit of 37.2 million euros (down from 40.8 million in the same period last year) and net results after tax and minorities showed a profit of 17.8 million euros from 23.8 million in 2016.

Bank borrowing eased to 388 million euros at the end of March from 403 million at the end of 2016, while cash reserves totaled 680 million euros.

Construction turnover was 210.1 million euros, down from 232.6 million the same period last year, while in the real estate sector, sales totaled 700,000 euros.

In the concession sector, net after tax results showed a loss of 1.1 million euros in the three-month period from earnings of 200,000 euros last ear.

In the energy sector, net after tax results showed a profit of 9.2 million euros in the January-March from a profit of 7.4 million euros in the same period last year.

Source: ANA – MPA