MADRID, Nov 13 (Reuters) - Spanish builder ACS posted a nine-month net profit of 576 million euros ($616.2 million) on Monday - a 20% rise from last year - which beat market expectations, as it expanded projects in the United States and benefitted from its toll-road unit Abertis.
Analysts on average expected the net profit to jump 15% to 552.67 million euros from the 480 million euros reported in the same period in 2022, according to LSEG estimates. They had forecast a slight adverse impact on earnings due to currency changes in both the U.S. dollar and the Australian dollar.
The company's sales rose 7.6% to 26.3 billion euros, it said.
ACS's construction businesses generated 309 million euros in profit between January and September, up 21.5% from the same period in 2022. The concessions unit earned 173 million euros - mostly contributed by Abertis, whose net profit grew 35% compared with last year.
The Spanish builder's activities are mainly concentrated in the U.S., Australia, Spain and Canada. ACS shares were up 1.6% at 33.78 euros on Monday in Madrid.
Last month, Abertis, in which ACS holds a 50% stake, announced it had won a tender in Puerto Rico to operate and maintain four new toll roads over the next 40 years.
ACS said traffic in motorways exceeded pre-pandemic levels in almost all countries in which Abertis operates.
The chairman of Hochtief, in which ACS holds a 73% stake, said last week the group was also winning projects related to the energy transition, new mobility options and digitalisation, boosting sales and profit.
ACS's construction activities in North America accounted for 66% of total construction revenue, with sales up 7% compared with 2022, after the company won projects to build new airport terminals, stadiums and highways, mainly in the U.S.
Group sales in the Asia-Pacific region accounted for 23% of total construction revenue. ($1 = 0.9348 euros) (Reporting by Corina Pons in Madrid Editing by David Latona and Matthew Lewis)
