Bloomberg.com: Europe

Bloomberg.com: Europe: "Ferrovial Profit Gains 20% on Construction, Swissport (Update1)
July 31 (Bloomberg) -- Grupo Ferrovial SA, the Spanish builder that's buying airport operator BAA Plc, said first-half profit gained 20 percent as it won government railway contracts and added baggage-handler Swissport International AG.
Net income at Spain's second-biggest construction company rose to 237.3 million euros ($302.7 million) from 198.2 million euros. Sales added 29 percent to 5.25 billion euros, Madrid- based Ferrovial said today.
``Ferrovial completed the first half with notable growth in all its lines of business and a significant advance in its diversification processes,'' the company said in a statement.
Ferrovial bought Swissport in August for 336 million euros as it diversifies into markets offering steadier returns. Its $19 billion offer for BAA, the world's biggest airport operator, was accepted in June and will increase revenue by more than one-third. For now, construction remains the biggest source of revenue with the Spain investing 249 billion euros on transport through 2020.
Shares of Ferrovial, the builder of the Guggenheim museum in Bilbao, have gained 10 percent this year, giving the company a market value of 9.06 billion euros.
Analysts expected net income of 226 million euros, according to the median of five estimates in a Bloomberg survey. Ferrovial has said the BAA acquisition will take sales to more than 14 billion euros this year, while earnings before interest, tax, depreciation and amortization will increase to more than 3 billion euros.
Swissport reported first-half sales of 528 million euros. Ferrovial said last year it estimates the 26 billion-euro baggage and cargo handling industry will grow more than 5 percent annually in the next few year"