Brazilian construction sector see sharp income drop in 2016
Xinhua, May 4, 2017 Adjust font size:
Many big construction companies in Brazil saw their income fall in 2016, due to their participation in Petrobras' corruption scandal and the economic crisis in the country, which had led to fewer projects.
According to a report by the G1 news channel on Wednesday, the Camargo Correa saw its revenue drop 38 percent last year to 1.867 billion reais (592 million U.S. dollars), while Andrade Gutierrez saw income fall 30.8 percent to 2.051 billion reais.
Engevix Engenharia saw the largest tumble, losing 62 percent of its income, although Odebrecht, which has been at the heart of the scandal, has not revealed its financial results.
Overall, the Brazilian civil construction sector fell by 5.2 percent in 2016, contributing to the country's overall GDP contracting by 3.8 percent. 1.08 million workers in the construction field lost their jobs over the past two years leading to the end of last year. Endit