Portuguese group Teixeira Duarte’s turnover in Brazil rises 108 pct in 2010

4 April 2011

Lisbon, Portugal, 4 April – Portuguese group Teixeira Duarte ended 2010 with a 108 percent rise in turnover in Brazil, of 162.7 million euros, making the country the third-largest source of the group’s turnover, according to the group’s 2010 results published in Lisbon.

In 2009 Brazil was the group’s third-largest market, behind Portugal, Angola and Algeria and in 2010 it overtook Algeria where Teixeira Duarte posted a fall of 28.2 percent in turnover.

Of the nine main markets where the Portuguese group operates, six posted falls in revenue, notably Morocco, where the group’s turnover fell by 51.2 percent.

Portugal, with growth of 10.7 percent, Brazil with growth of 108 percent, and Venezuela with a rise of 27.9 percent, were the countries that made it possible for Teixeira Duarte to end 2010 with overall greater turnover than that of 2009.

In total the group’s turnover rose by 4.5 percent to 1.38 billion euros.

By sectors, Teixeira Duarte posted growth in construction (which accounts for 55 percent of the group’s revenues), concession real estate, distribution and energy, but saw falls in turnover in the hotels, automotive and cement sectors.

Teixeira Duarte’s profit in 2010 fell 60.1 percent, to 46.4 million euros, with a worsening of the financial result, contributing, amongst other factors, to the drop in the group’s net profit.

Although divestment of the group’s stake in Cimpor had a positive effect on Teixeira Duarte’s accounts, in 2010 the group felt the negative effect of the losses by imparity of its stake in Millennium bcp, Portugal’s largest private bank. (macauhub)