July 29, 2016 / 7:26 AM / a year ago

Spain's Sacyr H1 pre-tax profit up 4.4 percent

MADRID, July 29 (Reuters) - Spanish builder Sacyr reported a 4.4 percent increase in first-half net profit on Friday and said it had paid off some of the loan financing its 8.4 percent stake in oil major Repsol through proceeds from sales of assets.

Sacyr said it reduced debt linked to the Repsol stake by 344 million euros ($382 million) in the first half to stand at 1.31 billion euros at end-June. Total net debt stood at 4.13 billion euros. It valued its stake in Repsol at 15.6 euros per share, a premium to Friday’s stock market price of 11.3 euros per share.

Sacyr, which sold a stake in real estate unit Testa and three hospitals in Portugal during the period, reported net profit of 64.5 million euros, on core earnings of 164.9 million euros. ($1 = 0.9012 euros) (Reporting By Sonya Dowsett; Editing by Paul Day)

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