Sacyr Q1 EBITDA falls 12.5 pct as slowdown hits

MADRID (Reuters) - Sacyr Vallehermoso (SVO.MC: Quote, Profile, Research) posted first-quarter EBITDA of 256 million euros ($396 million) on Tuesday, pushed 12.5 percent lower by a sharp slowdown in its core Spanish construction and housing businesses.

Net profit rose 1 percent to 205 million euros -- 183 million of it from dividends on its 20 percent stake in oil company Repsol (REP.MC: Quote, Profile, Research) -- while revenue climbed 4.2 percent to 1.32 billion.

A Reuters poll of seven analysts had forecast Sacyr would post EBITDA of 247 million euros on revenue of 1.28 billion.

A breakdown showed Sacyr's construction arm bearing up under the slowdown bruising the sector after a decade-long boom in Spain. Revenue was up 19.6 percent to 883.4 million euros while EBITDA was up 7.4 percent to 57.1 million.

Property development fared much worse, with revenue at its Vallehermoso arm down 26 percent to 233.1 million euros and EBITDA down 68.7 percent to 23.4 million.

Sacyr has spent heavily to reduce its exposure to the slowing Spanish construction sector including buying into Repsol and French public works company Eiffage (FOUG.PA: Quote, Profile, Research) which has left it with 17.9 billion euros of debt and ever higher financing costs.

Sacyr said its debt financing costs in the first quarter were 215.3 million euros, up from 177.4 million a year ago.

Sacyr sold its stake in Eiffage for 1.92 billion euros ($3 billion) in April, drawing a line under an ill-fated deal which dissolved into acrimony between the two companies.

The sale was welcomed as a way for Sacyr to reduce its debt although another deal to cut its borrowing -- a share sale at toll road unit Itinere (ITIE.MC: Quote, Profile, Research) -- was called off last month.

(Reporting by Sarah Morris; Editing by David Holmes)