Spanish infrastructure group, FCC, announced widening loss in 2016 to €165.2 million, compared to €46.3 million in 2015, on the back of a writedown of its cement division.
The company took an impairment charge of €299.9 million in September 2016 on Cementos Portland Valderrivas (CPV), which operates cement plants in Spain and Tunisia, and a cement import terminal in the UK.
CPV announced losses of €225 million in 2016, almost quadruple the €62 million the cement maker lost in 2015. The company blamed changes in Spain’s recovery forecasts, fuel price increases and a strong depreciation of the Tunisian dinar.
FCC currently owns 77.9% of CPV and has made an offer for the remaining shares in order to delist the company from the Madrid and Bilbao Stock Exchanges.