January 23, 2020 / 7:36 AM / a month ago

ACS books a 400 million euros charge in 2019 on Middle East business

MADRID, Jan 23 (Reuters) - Spanish construction company ACS said on Thursday it will book a one-off charge of 400 million euros ($444 million) in 2019 due to risks associated to its Australian unit CIMIC Group in the Middle East.

However, the company said it expected capital gains and improved operating results to offset this charge and said it would report a net profit above 950 million euros for 2019.

$1 = 0.9014 euros Reporting by Inti Landauro, Editing by Jesus Aguado

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