CAF has blamed higher taxes and an “uneven distribution of work loads” for a 26 per cent fall in net profit to €32.7 million in the first half of this year.
The Spanish rolling stock manufacturer said a 25 per cent rise in the average tax rate had been partly to blame for the dip.
Another factor was the devaluation of the Brazilian Real against the Euro and the one-off sale of the company’s share in the Seville Metro concession last year.
CAF reported pre-tax profits of €44.3 million compared to €55.7 in 2014. Net Turnover fell by 10.4 per cent to €660 million.
Despite this, the company’s order backlog increased by 11 per cent to € 5.4 billion and its EBITDA margin improved by 12.4 per cent to 14.4 per cent.
