Ferrovial, the Spanish property group that bought British airport operator BAA in 2006, has reported a sharp fall in its annual profits.
Net profit for the whole of 2007 fell 48.5% to 733.7m euros ($1.09bn; 553m).
Ferrovial blamed the comparison with 2006, which was a year of big disposals, for the downturn. In 2006 it benefited from having sold its real estate division, Bristol Airport and a stake in the toll-road operator Europistas.
Excluding exceptional items, Ferrovial said its core earnings grew by 31%.
The company said it was studying alternatives to a 10bn-euro restructuring of the debt it took on to buy BAA.