Ferrovial optimistic about 2009 results

"We expect a reasonably better 2009 than 2008, in terms of net profit, EBITDA (earnings before interest, taxes, depreciation and amortization) and EBIT," Ayuso told journalists during a press conference following results.

In 2008, Ferrovial posted core earnings (EBITDA) of 2.74 billion euros ($3.48 billion), slightly below forecasts, while revenues rose 6.3 percent to 14.13 billion euros just beating forecasts.

A Reuters poll of 11 analysts had forecast EBITDA of 2.8 billion euros on revenues of 14 billion euros.

Ferrovial — which owns UK airports operator BAA — swung to a net loss of 838 million euros in 2008, mainly due to the negative impact of new fiscal measures in Britain.

The group warned last year that the removal of the Industrial Buildings Allowances (IBA) announced in 2007 — preventing it from taking advantage of tax relief on its airports — could take up to 1.23 billion euros off its 2008 profit.

The company said on Friday the impact was 871 million euros.

"Results were overall in line, with the net profit after the IBA adjustment was better than expected," a Madrid-based trader said.

"But with Ferrovial's borrowings as they are and the falls across European markets today, the stock is not being affected by the results," the trader said.

Ferrovial's share fell 0.28 percent to 19.64 euros at 1209 GMT.