Teixeira Duarte returns to profit with sale of Lagoas Park

 In Industry, News

Portuguese multinational construction giant Teixeira Duarte has registered a €17 million net profit after offloading its Lagoas business park near Lisbon.

In 2017 the company which was hard hit during the financial crisis and ensuing depression was €9million in the red in the first six months of 2017.

This year it sold its entire capital share in the office park netting the company €24.89 million and bringing its results into positive territory by €17.37 million with an EBITDA registering an increase of 3.8% compared with June 2017 at €91.17 million.

The office park in Oeiras was sold for a total of €375 million while revenues from its bridge toll arm Lusoponte brought in €23.3 million.

The builder said there were other factors involved which influenced the first half results compared to last year, such as differences in operational exchange which in 2018 have had a positive impact on the €17.22 million.

“The gain in value of its property investments in 2018 were €12.68 million, namely from imparities from assets received.”

While profits increased, influenced by factors such as the sell-off of Lagoas Park, business turnover reached €428 million which “reflects a 9.8% reduction on June 2017 or a fall of €46.68 million.

The company’s current strategy is to reduce its bank debt exposure and focusing on relevant market sectors. The company closed the half with a net debt of €770.96 million — a fall of 9.7% on the same period in 2017.