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FCC posts first profit in two years

Spanish construction and services firm FCC has turned a quarterly profit for the first time in more than two years.

Its return to the black comes after what it describes as two years of “deep restructuring”, a period culminating in a €650m cash injection last year by Carlos Slim, one of the world’s richest men.

A statement released by FCC Group this morning confirmed that Mr Slim had become its largest shareholder and several recent contract wins.

These include UK deals for an energy-from-waste plant in Edinburgh.

FCC’s water division has also won business recently in Mexico and Chile.

According to the statement, FCC made a €6.2m (£4.4m) profit in the first quarter of 2015, a significant turnaround from its €31m loss in the previous year.

Its earnings before interest, tax, depreciation and amortisation increased by 0.6% to  €169.3m in the first three months of this year.

The construction side of its business showed a “clear improvement” over the same period, according to the statement.

Today’s update follows a report two months ago revealing a 20.1% drop in revenue for its construction division in 2014.

This decline was attributed to the continuing downturn in public infrastructure spending in Spain.

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