February 27, 2020 / 1:21 PM / a month ago

UPDATE 1-Spanish construction group OHL's losses narrow sharply

(Adds details throughout)

MADRID, Feb 27 (Reuters) - Spanish infrastructure group OHL will cut spending and look at strategic divestments to strengthen its cash flow in 2020, a company source said on Thursday.

The building company on Thursday also reported that its net loss narrowed sharply in 2019 to 127.8 million euros ($138.89 million), down 92% from a 1.58 billion euro loss in 2018.

OHL’s shares fell up to 5% in early trading.

Renta4Banco analyst Angel Perez Llamazares said: “We see a possible deterioration in liquidity which is not very positive given that everyone is eyeing this company’s cash flow.”

OHL reported 230 million euros in cash outflows in 2019, a 199 million euro reduction on 2018, when the company burned through 429 million euros.

OHL said in December it had taken on public-private projects in late 2019, including a 130 million-euro contract to design, build and finance a sustainable social housing scheme in Ireland. ($1 = 0.9201 euros) (Reporting by Clara-Laeila Laudette, editing by Andrei Khalip and Jane Merriman)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below