Peru's GyM nearly triples H1 profit on TGP sale, FX gain
Peruvian engineering company Graña y Montero (GyM) saw its profit jump 163% in the first half, while rival firm Cosapi's net income plummeted 89%.
Net income was 105mn soles (US$32mn) in H1 compared with 40mn soles a year earlier, Lima-based GyM said in a statement. Revenue fell 25.6% to 2.8bn soles from 3.76bn soles a year ago.
GyM registered a 18.8mn-sol FX gain compared with a 35.4mn.sol FX loss a year earlier as the Peruvian sol strengthened to 3.29 soles to the US dollar from 3.41 soles, according to the company. Administrative costs fell to 187mn soles from 206mn, GyM said.
About 62% of revenue came from engineering and construction, 19% from technical services, 15% from infrastructure and 3% from real estate, the company said.
GyM, which raised US$413mn from the sale of ADRs in New York in 2013 and sold US$205mn in bonds in February 2015, had US$827mn in debt as of June 30, about half of which falls due in the next two years. GyM in March sold its 1.6% stake in the Transportadora de Gas del Perú natural gas pipeline to Spain's Enagas for US$32mn.
The company allocated US$102.5mn to capex in H1, of which 18% was allocated to infrastructure, 10% to engineering, 7% to services and 0.3% to its 14 real estate projects, 79% of which are in Lima.
GyM, which also owns subsidiaries in Chile and Colombia, said it is working to clear a US$4.155bn project backlog, of which US$738.4mn will be executed this year, US$1.518bn in 2017 and US$1.5898bn from 2018. The company's Peruvian projects include the Lima Metro and the Norvial and Survial tollroads, in addition to contracts abroad with companies including Cobre Panamá.
COSAPI
Construction and engineering firm Cosapi said its first half profit plummeted to 5.1mn soles from 46.3mn soles a year earlier as revenues fell 43% to 440mn soles from 772.5mn soles, according to a corporate filing to securities regulator SMV.
The Lima-based company, which sold 70mn soles in bonds in September 2015, said it secured six contracts totaling US$44mn in the second quarter. The company, which has built up a US$1.66bn backlog through the first half, said its second stage contract for Shougang's Hierro Perú iron ore mine was delayed.
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