Construction giant Teixeira Duarte registers losses for 2017

Shareholders for Teixeira Duarte have approved board of directors results of €-15.36million for the financial year 2017.

 

The negative results of €15,359,540,30 have been sent to the Portuguese securities and market commission CMVM. Shareholders hold 77.71% of the construction company’s social capital. 

According to the company’s Financial Report 2017 Teixeira Duarte is selling off assets worth €500 million including selling its share in Lagoas Park – a business park outside Lisbon to European fund Kildare for  

The Portuguese company has an international footprint which includes a contract for dam raising works in Brazil, the Baia Hotel in Luanda, Angola, a distribution interest in Maxipark, Morro Bento, Luanda, Angola, automotive interests including the TDA Coqueiros Workshop in the same city and gardens maintenance in Algeciras, Spain.

The conglomerate employs 10,000 employees, is present in 18 countries and 6 activity sectors. In 2016 it had a €1.115Bn turnover and €20 million in profits and has been listed on the Euronext Lisbon stock market since 1998. The group’s headquarters are based in Lagoas Park, Oeiras near Lisbon, a business park it owned until selling off the asset to offset debts for an unspecified amount but which had a €25 million impact on the company’s results.

With a consolidated process of internationalisation, Teixeira Duarte has long operated in foreign markets including Venezuela (since 1978), Angola (since 1979), Mozambique (since 1982), Spain (since 2003), Algeria (since 2005) and Brazil (since 2006). It has also had projects in recent years in France, Belgium, the UK, the US, Colombia, Peru, Morocco, South Africa, China, Qatar and Dubai.