May 8, 2018 / 10:53 AM / 5 months ago

ACS chairman sees net profit rising over 35 percent in next two years

MADRID (Reuters) - The chairman of Spanish builder ACS (ACS.MC) said on Tuesday he expected the company’s net profit to rise over 35 percent in the next two years after the acquisition of the country’s toll operator Abertis ABE.MC.

FILE PHOTO: Florentino Perez, chairman of Spanish builder ACS, attends a news conference in Madrid, Spain, March 15, 2018. REUTERS/Juan Medina

“The impact of this operation on our accounts is significant, since it is very additive in terms of profit and cash generation,” Florentino Perez said during a shareholders meeting.

At-end 2017, ACS booked a net profit of 802 million euros (705 million pounds).

Perez also said dividend-per-share would grow at a similar rate as net profit over the same period.

In March, ACS and Italy’s Atlantia (ATL.MI) agreed to make a joint 18-billion-euro ($22.2 billion) bid for Abertis ABE.MC.

Reporting By Robert Hetz; Writing by Jesús Aguado; editing by Paul Day

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