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OHL cuts first quarter red numbers to 7.3 million

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OHL lost 7.3 million euros in the first quarter of 2020, representing a 5.3% cut compared to the same period of the previous year. The construction company has reduced its red numbers thanks to the 49.5% increase in gross operating profit (EBITDA), which amounts to 13.6 million.

However, the revenue decreased 4.3% year-on-year, up to 655.6 million, due to falls in turnover in the Construction (-4.2%) and Industrial (-14.4%) areas, according to accounts forwarded to the National Securities Market Commission ( CNMV). On the other hand, sales in the Services area increased by 5.4%.

Contrary to what it may seem, the constructor clarifies that "the coronavirus has not had a significant material impact" on these results. The effects of the pandemic were compensated "thanks to geographic diversification, the improvement of construction activity in the USA, LATAM and the increase in service activity ".

However, it considers that it will have an impact on the future results of the group, although "it is difficult to quantify at the moment." To face the coronavirus crisis, it has 543.6 million liquidity, after amortizing the 73 million of the bond issued in 2012, thus reducing its leverage.

Before presenting these results, its shares have dropped 3.17%. These falls occurred after it was known that negotiations have been terminated for a merger of OHL with Caabsa (company of the Mexican family Amodio) without an agreement having been reached. The statement has pointed out that the Villar Mir family is now in talks with the Amodios for a possible sale of part of their shareholding package.

TECHNICAL ANALYSIS

After the stock market falls on Wednesday, the analyst of 'Bolsamanía', José María Rodríguez, recalls that "the trend remains impeccably bearish. Not only because the price is embedded within an impeccable bearish channel, but also. We also have a great long-term 'head and shoulders' that has not been canceled at all. "

"In fact, the last great rebound of the title fits a thousand wonders within what would be the typical 'pull back' to the clavicular line of the formation. If this is fulfilled, the projection of the figure would take him well below the historical lows, "remarks this expert.

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