Teixeira Duarte worsens losses to 19.9 million euros in the first half

Teixeira Duarte agrava prejuízos para 19,9 milhões de euros no primeiro semestre

Retraction of the economy due to the pandemic and currency devaluation resulted in a reduction in the group's revenues of 13.9% in the first half of the year. In Portugal, Teixeira Duarte grew 36% in real estate and contracted 29% in hotels.

Teixeira Duarte recorded losses of 19.9 million euros in the first half of this year, an increase of almost 267% compared to the losses of 5.4 million presented in the same period last year.

In a press release, the construction company reveals that operating income fell in the first half of this year by 13.9% to 310.5 million euros, with turnover standing at 259 million euros (down 18.7% year-on-year), to which foreign markets contributed 65.4%, down from 67.5% a year ago. 

The group explains the drop in revenues with the "retraction of the economy affected by the continued pandemic situation," as well as with "the devaluation of the Angolan kwanza and the Brazilian real. Without the effect of the devaluation of the currencies in which the group operates, it says, the reduction in activity would have been 5.5%.

In Portugal, the group's activity grew 2.6% to 135.8 million euros, with Teixeira Duarte highlighting the growth of 36.4% in the real estate sector. On the other hand, still reflecting the pandemic situation, the hotel sector contracted by 29.31 Q2 when compared to the same period last year.

According to the interim management report for the first six months of 2021, by markets the largest falls in turnover were recorded in Spain (-66.61 QT2), and Algeria (-65.41 QT2), while in Portugal the decline was 13.71 QT2 and in Angola 11.41 QT2. Only in Mozambique the group registered a growth, of 16.81 PT2T.

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