Infraestruturas de Portugal nets €20M in 2019

 In Economy, News

The public company responsible for managing Portugal’s public national road and rail network netted €20 million in 2019 after slashing its debts by €726 million.

IP – Infraestruturas de Portugal achieved a net profit of €20 million thanks to reducing its debt by €727 million for the same year.
Nevertheless, profits at IP, which is managed by António Laranjo, saw a €89 million reduction like-for-like on 2018.
The State-owned company’s EBITDA stood at €590 million, “Regardless of an increase in subjacent expenditure on sub-concession contracts due to the completion of their respective renegotiation and whose net impact in operational and financial results rose to less than €31 million” according to the company.
“Operational income saw a 10% growth to €1.489Bn with a positive growth for tolls (+€19 million) and Road Service Contribution (+€13 million) as a result of an increase in the volume of traffic on the road network.
“Income from the railway network was in line with results seen in 2018, at €69 million” states IP in a communiqué.
According to IP, “2019 once again saw a growth in improving the road and rail network under the direct management of IP, which was reflected by an increase in respective investment by more than €18 million and was the main driver for the growth in operational expenditure”
“As to investment, the progress of the Investment Programme ‘Railways 2020’ which, with a level of finances worth €107.9 million in 2019 and represented a variation of over 50% on 2018” should be highlighted,” states IP.