LISBON, March 14 (Reuters) - Portugal’s largest construction firm, Mota Engil, reported on Wednesday a 9.5 percent drop in 2011 net profit on a rise in financing costs, but still beat market expectations as revenues and operating earnings rose.
The builder said net profit reached 33.4 million euros ($43.51 million), down from 37 million euros a year earlier but above analysts’ forecast of 31 million euros.
But earnings before interest, tax, depreciation and amortization (EBITDA) rose 24.7 percent to 296 million euros. Revenues rose 8.6 percent to 2.18 billion euros. More than 60 percent of Mota’s construction revenues come from overseas operations and are not affected by Portugal’s recession.
$1 = 0.7677 euros Reporting By Patricia Rua and Axel Bugge