Teixeira Duarte loses 15 million with BCP and loss reaches 36 million – Mad Money

Teixeira Duarte closed the accounts of the first half with losses of 35.8 million euros, compared with the 24 million achieved gains in the first six months of 2015. The group lost 14.8 million with the BCP between January and June this year.

according to the statement released today by the company, turnover fell 16.7% over the first half to EUR 570 million, with the proceeds to retreat almost in equal measure, to 590 million. Also falling was net debt of Teixeira Duarte, who spent 1.23 billion to 1.15 billion (-6.7%).

The group also noted a significant reduction in the average number workers, in the first six months of this year stood at 11,777, against 13,628 in the same period of 2015. the decrease of 11.8% followed the decline in activity recorded in the first six months of the year, the company explains.

According to the company explains, “for these results strongly contributed two factors”, identifying immediately the exchange rate, “which in June 2016 was negative in the amount of 23,723 thousand euros, while in the same period 2015 had been positive at 19,136 thousand euros. “

As a second factor, he says the construction company, is already recurring loss with the BCP. According to Teixeira Duarte, between January and June the position that bank had a “negative impact, net of deferred taxes in the amount of 14,810 thousand euros impairment on participation in the ‘Banco Comercial Portuguese SA’ registered in the first six months of 2016 “. In quarterly terms, individualizes the company, impairment in BCP had an impact of 8.4 million.

The deterioration of the group’s results is also identified as a result of their exposure “to economic contexts currently more adverse” , referring to countries where Teixeira Duarte is present where almost all of them there were breaks. – Angola, Algeria, Brazil, Spain or Venezuela

Despite the accounts were also financial results the company “in negative 72.3 million euros”, an increase of 54.3 million over the first half of 2015. this figure, and in addition to the impairments in BCP, they are also included exchange losses, items that invalidated improvement achieved by the group in terms of the interest, which fell 17%.

in terms of sectors, Teixeira Duarte fell by 9.7% in the turnover of construction, the most significant, worth 246 2 million until June, with the Concessions and Services to see this indicator to grow 4.4% to 55.7 million. Also in Real Estate, Hospitality and Distribution registered decreases of 11.3%, 32.3% and 5.9%, respectively.

The biggest break of all, however, was the Automotive sector, whose volume business fell 58%, from 108 million in June 2015 to 45 million by June 2016. “in the first six months of the year there was a decrease of 76% of units sold in the light segment and a decrease of 17% in after-sales service “, details.