Spain's Tecnicas Reunidas posts Q1 loss on slow oil sector spending

By Reuters

<p><body> <p><span class="caps">MADRID</span> (Reuters) – Spanish engineering firm Tecnicas Reunidas on Thursday fell to a first-quarter net loss as slowed spending in the oil sector cut revenue by 35%.</p> <p>The net loss of 61 million euros ($73.75 million) compared with a profit of 8.7 million euros a year earlier while revenue fell to 763 million euros.</p> <p>It blamed the revenue decline on requests from customers to slow investment due to the pandemic though it added the commercial environment has improved.</p> <p>The company expects to sign contracts worth 4 billion euros this year and maintained its targets of revenue of 3.5 billion this year, the same as in 2020, with a margin of earnings before interest and taxes of 3%.</p> <p>($1 = 0.8271 euros)</p> <p/> <p> (Reporting by Inti Landauro; editing by Jason Neely)</p> </body></p>