LISBON, March 31 (Reuters) - Portugal’s largest builder, Mota-Engil, posted on Monday a 24 percent rise in 2013 net profit, with strong revenue growth of over 35 percent in Africa and Latin America offsetting falling sales at home, but missed market expectations.
The company expected overall revenues, that rose over 3 percent to 2.31 billion euros, to keep growing at a similar pace this year, with sales in Europe inverting last year’s declines.
Net profit rose to 50.5 million euros ($69.5 million), comparing to average analysts’ forecast of 57 million euros.
Still, earnings before interest, taxes, depreciation and amortization (EBITDA) rose 26 percent to 362.8 million euros, beating analysts expectations of 355.5 million.
In the fourth quarter alone, Mota’s net profit fell nearly 19 percent, but EBITDA and sales rose 12.5 percent and 5.2 percent respectively.
Overseas operations accounted for 74 percent of total revenues last year, up from 65 percent in 2012.
Sales in Africa - especially Angola, Malawi and Mozambique - soared over 38 percent to 1.01 billion euros, while in Latin America revenues jumped almost 36 percent to 426 million euros.
In Europe, mainly Portugal that was still mired in recession last year, revenues fell 26 percent to 911 million euros.
Mota’s order book reached 3.9 billion euros at the end of last year, 15 percent higher than in 2012 and exceeding its own expectations of 3.5 billion euros. International orders accounted for 81 percent of the total. The company expected the order book to exceed 4 billion euros this year.
Mota-Engil stocks closed nearly 3 percent higher at 5.9 euros before the results were announced, outperforming the broader market in Lisbon that rose 0.4 percent. ($1 = 0.7271 euros) (Reporting By Andrei Khalip)