Abengoa lifts 9-mo industrial/bioenergy EBITDA 103% Y/Y

Nov 13, 2014 - Spanish company Abengoa (BME:ABG) bolstered by 103% year-on-year the January-September EBITDA at its industrial production division, which includes its bioenergy business, to EUR 164 million (USD 204.1m).

In a press release on Wednesday, the Spanish engineering and renewable energy firm said the earnings before interest, tax, depreciation and amortisation (EBITDA) of the segment were positively affected by its activities in Brazil and the US, as well as by the improvement in the European Union (EU) market. The industrial production unit incorporates the company’s biofuels and solar technology operations.

Revenues at the industrial production unit climbed by 1% in annual terms to EUR 1.58 billion.

Abengoa closed the first nine months of 2014 with a net profit of EUR 100 million, up 38% year-on-year. Revenues remained unchanged at EUR 5.24 billion. As of end-September, the company’s backlog amounted to over EUR 47 billion, which is 10% higher than in the year-ago period.

Abengoa’s CEO Manuel Sanchez Ortega also noted that the firm’s cost of equity was reduced thanks to its yieldco unit Abengoa Yield Plc (NASDAQ:ABY). The entity in September agreed to purchase 181 MW of renewable energy assets in Spain and Uruguay from its parent.

(EUR 1.0 = USD 1.244)

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