Ferrovial back in profit

Spanish infrastructure firm Ferrovial has swung to a net profit in 2010 after a drive to trim debt produced substantial one-time gains from asset sales. Ferrovial, which owns UK airports operator BAA, posted net profit of €2.16bn in 2010, compared with analysts’ forecast for €2.67bn. Earnings before interest, taxes, depreciation and amortisation fell three per cent to €2.51bn in 2010, but beat forecasts thanks to a return to growth at its core construction division.