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Ferrovial returns to profit in third quarter

Ferrovial, the family-controlled infrastructure firm, announced it returned to profit in the third quarter thanks to a recovery in international construction and asset sales.

The Madrid-based company, which released its financial figures on 28 October, said it had made a net profit of €315 million in the first nine months of 2010, compared with a loss of €191 million during the same period in 2009. The company was hit hard by the dramatic fall in the Spanish construction sector during the financial crisis.

Ferrovial attributed the positive results to an improvement across the company's main businesses, particularly in construction, and the sale of its Chilean toll road assets.

The results follow last week's announcement that the company plans to sell a 10% share in UK airport operator BAA in order to reduce its considerably high €20.5 billion debt.

Rafael del Pino (pictured) founded Ferrovial in 1952, which is now one of Spain's largest companies with 2009 revenues of €12 billion and is still 44% owned by the family. Rafael was chairman until his death last year when he was succeeded by his son Rafael Jr. 

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