February 27, 2020 / 1:20 PM / a month ago

UPDATE 1-Spanish construction group OHL's losses narrow sharply

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MADRID, Feb 27 (Reuters) - Spanish infrastructure group OHL will cut spending and look at strategic divestments to strengthen its cash flow in 2020, a company source said on Thursday.

The building company on Thursday also reported that its net loss narrowed sharply in 2019 to 127.8 million euros ($138.89 million), down 92% from a 1.58 billion euro loss in 2018.

OHL’s shares fell up to 5% in early trading.

Renta4Banco analyst Angel Perez Llamazares said: “We see a possible deterioration in liquidity which is not very positive given that everyone is eyeing this company’s cash flow.”

OHL reported 230 million euros in cash outflows in 2019, a 199 million euro reduction on 2018, when the company burned through 429 million euros.

OHL said in December it had taken on public-private projects in late 2019, including a 130 million-euro contract to design, build and finance a sustainable social housing scheme in Ireland. ($1 = 0.9201 euros) (Reporting by Clara-Laeila Laudette, editing by Andrei Khalip and Jane Merriman)

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