Cimic (ACS) earns 6.9% less, but increases margins and maintains forecasts

The construction arm of ACS in Australia, etching, has ended the first quarter with a net profit of 100.2 million Australian dollars (64 million euros), which represents a 6.9% decrease compared to March 2020. The company that runs Juan Santamaría has referred to the effects of the pandemic on activity to explain this decline.

Sales contracted by 1.2%, to 3,388 million Australian dollars (about 2,172 million euros), while EBITDA improves 8.4%, rising to 217.4 million Australian dollars (140 million euros). The margin therefore improves from 8.5% to 10%.

The contract portfolio, of 30.2 billion Australian dollars (1.2 billion above the March 2020 figure), has been nurtured by new awards for 3.5 billion in local currency at the beginning of the year.

The ACS subsidiary maintains forecasts for the remainder of 2021. This is ending the exercise with a net result of 400 to 430 million Australian dollars. To this end, CEO Santamaría believes that Australia’s stimulus plans will play in the sector’s favor, while the company tries to maximize risk control in hiring after tough provisions for failed projects in 2019 and 2020.

The current liquidity buffer is AU $ 3.7 billion after obtaining financing of A $ 1.4 billion.

The firm has located Opportunities to compete for A $ 520 billion, of which projects for 130,000 million have been tendered under the modality of public-private collaboration.

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