Acciona Jan-Sep 2010 profit declines 91.8% Y/Y

(ADPnews) - Nov 17, 2010 - Spanish construction, energy and services group Acciona (MCE:ANA) closed the first nine months of 2010 with a 91.8% annual decline in net profit to EUR 101 million (USD 137.5m).

The decline was due to the fact that last year's earnings included a capital gain from the sale of Acciona's 25% stake in Spanish utility Endesa SA (MCE:ELE) to Italian Enel SpA (BIT:ENEL) in June 2009. Excluding that effect, the company's profit went down by 3.3% year-on-year.

Earnings before interest, tax, depreciation and amortisation (EBITDA), however, surged by 17% on the year to EUR 813 million, while the sales came in at EUR 4.57 billion, down 2.8%.

The sales drop was attributed to a 12.7% fall of Acciona's infrastructure business and a 4.5% decline of logistic and transport division. Renewable energy division, however, added 23.9% on the year in January to September 2010.

Earnings before interest and tax (EBIT) came in at EUR 319 million, up 10.5% on the year.

Acciona raised net debt by 11.5% on the year to EUR 8.098 billion. Investments slipped by 30.4% to EUR 765 million.

The total installed capacity increased by 2.2% to 7,469 MW. Wind energy installed capacity came in at 6,244 MW adding 2.4%.

Acciona's output totalled 13,521 GWh at end-September, up from 8,981 GWh a year earlier.

(EUR 1.0 = USD 1.362)

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