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Spain's ACS posts loss on Iberdrola charge
August 31, 2012 / 6:46 AM / 5 years ago

Spain's ACS posts loss on Iberdrola charge

MADRID, Aug 31 (Reuters) - Spanish builder ACS swung to a 1.23 billion euro ($1.54 billion) net loss in the first half on Friday from a 604 million euro profit a year ago after writing down the value of its investment in power firm Iberdrola.

Still, earnings before interest, taxes, depreciation and amortisation (EBITDA) for ACS rose 76 percent to 1.58 billion euros in the six months to June, boosted by the consolidation of its German affiliate Hochtief.

Analysts polled by Reuters were forecasting core profit of 1.4 billion euros.

Net debt fell 13 percent to 8.58 billion euros at June 30 from a year ago, it said. ($1 = 0.8001 euros) (Reporting By Tracy Rucinski; Editing by Jose Elias Rodriguez)

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