WARSAW Feb 24 Poland's largest builder Budimex
- a unit of Spain's Ferrovial - almost
doubled its net profit to 300 million zlotys ($99 million)
mainly on the sale of one its subsidiaries, it said on Monday.
Selling timber-framed house-maker Dan-Wood contributed about
200 million zlotys to group profits and, on the downside, the
company took a 62-million charge on its landbank.
Core profits, excluding one-offs, were slightly lower
year-on-year due to the construction slowdown in Poland, with
investors waiting for an expected 76 billion euros ($100
billion) of EU funding, most of which will be spent on road and
Revenues fell to 4.8 billion zlotys from 6 billion in 2012
but, analysts said, margins remained robust.
"Revenue decline in 2013 is not a surprise to the market. It
has been the year of the expected slowdown in anticipation of
the new European Union's 2014-2020 budget, which was finally
approved in November 2013," it said in a statement.
At the end of the year, Budimex had 1.56 billion zlotys net
cash, compared to 1.2 billion a year earlier, and analysts see
the company easily affording a record dividend, as signalled
Budimex's shares rose 4 percent by 1443 GMT.
(Reporting by Pawel Bernat; Editing by Louise Ireland)