Peru's GyM quadruples Q1 profit on cost-cutting, FX gain
Peruvian engineering company Graña y Montero (GyM) saw its profit surge 303% in the first quarter as lower costs and an FX gain offset falling revenues.
Profit was 71mn soles (US$21.5mn) in the quarter compared with 17.6mn soles a year earlier, Lima-based GyM said in a statement. Revenue fell 16% to 1.43bn soles from 1.70bn soles a year ago.
GyM notched up a 8.5mn-sol FX gain compared with an 18.2mn.sol FX loss a year earlier as the Peruvian sol strengthened to 3.33 soles to the US dollar in the quarter from 3.41 soles a year earlier, according to the company. Administrative costs fell 13.6% to 94mn soles, GyM said.
About 66% of revenue came from engineering and construction, 17% from technical services, 14% from infrastructure and 2% from real estate, the company said. Infrastructure revenue rose on higher contributions from its Norvial tollroad, line No. 1 of the Lima metro and its GMP oil and gas unit.
GyM, which sold US$205mn in bonds in February 2015, had US$865mn in debt as of March 31, about half of which falls due in the next two years. GyM last month sold its 1.6% stake in natural gas pipeline operator TGP to Spain's Enagas for US$32mn.
The company allocated US$68.2mn to capex in the quarter, of which 15% was allocated to infrastructure, 4% to services, 2% to engineering and 0.2% 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$4.03bn project backlog, of which US$1.14bn will be executed this year, US$1.31bn in 2017, US$1.59bn in 2018 and the remainder after that. The company's Peruvian projects include the Lima metro, the Norvial and Survial tollroads and the La Chira plant, in addition to contracts abroad with companies including Cobre Panamá.
COSAPI
Construction and engineering firm Cosapi said its first quarter profit plummeted to 300,000 soles from 9.6mn soles a year earlier as revenues fell 38.6% to 218mn soles from 354mn 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$18mn in the quarter. The company, which has built up a US$1.65bn backlog through the first quarter, said its second stage contract for Shougang Hierro Perú iron ore mine was delayed.
Subscribe to the leading business intelligence platform in Latin America with different tools for Providers, Contractors, Operators, Government, Legal, Financial and Insurance industries.
News in: Infrastructure (Chile)
‘In general terms, Latin America has a favorable investment climate’
BNamericas talks to Milton Cheng, global chair of international law firm Baker McKenzie.
Minister López announces direct investment from the MOP for US$4.5bn and the generation of 100 thousand new jobs in...
The investment will allow the development of 3,370 initiatives throughout the country and the expectation is to tender 12 initiatives for 5.6 billi...
Subscribe to Latin America’s most trusted business intelligence platform.
Other projects in: Infrastructure (Chile)
Get critical information about thousands of Infrastructure projects in Latin America: what stages they're in, capex, related companies, contacts and more.
- Project: CopiaPort-E
- Current stage:
- Updated:
1 month ago
- Project: Underground Railway Concepción
- Current stage:
- Updated:
1 month ago
- Project: Concepción metro
- Current stage:
- Updated:
1 month ago
- Project: Limache - Port train extension to Quillota and La Calera
- Current stage:
- Updated:
2 months ago
- Project: Dominga
- Current stage:
- Updated:
2 months ago
- Project: New Alameda - Providencia Avenue
- Current stage:
- Updated:
2 months ago
- Project: Austral airport network: Expansion and improvement of the Presidente Carlos Ibáñez del Campo airport in Punta Arenas
- Current stage:
- Updated:
2 months ago
- Project: New Group V hospital network (Coquimbo): Coquimbo Hospital
- Current stage:
- Updated:
2 months ago
- Project: Ñuble new regional hospital (Chillán Hospital)
- Current stage:
- Updated:
2 months ago
- Project: Improvement of Route 66 Camino de la Fruta (Second Concession)
- Current stage:
- Updated:
2 months ago
Other companies in: Infrastructure (Chile)
Get critical information about thousands of Infrastructure companies in Latin America: their projects, contacts, shareholders, related news and more.
- Company: Municipalidad de Antofagasta
- Company: Empresa Portuaria Arica  (EPA Arica)
-
Empresa Portuaria Arica (EPA) is an entity creted by law 19.542 from 1988 (which aims to modernize the state's port sector). Is a standalone public corporation engaged in the ma...
- Company: BIOS Mining & Infrastructure  (BIOS MI)
-
The description contained in this profile was taken directly from an official source and has not been edited or modified by BNamericas researchers, but may have been automatical...
- Company: Bitumix S.A.  (Bitumix)
-
Bitumix S.A. develops, builds and maintains road infrastructure in Chile, and manufactures asphalt mixes and aggregates. Currently, the firm is in charge in the maintenance of t...
- Company: HMV Chile
- Company: Gobierno Regional Metropolitano de Santiago (GORERM)
-
The regional government of Santiago, GORERM, established in Santiago since 1993, plans regional development, executes public investment projects, promotes economic activities an...
- Company: Conveyor Belt Technology Ltda.  (Conveyor Belt Technology)
-
Chile-based Conveyor Belt Technology is a supplier of conveyor belt systems and other associated products with a focus on the mining industry. The firm provides both equipment f...