Acciona Jan-Sep 2011 profit soars 212%, above expectations

Nov 11, 2011 - The net attributable profit of Spanish infrastructure and renewable energy company Acciona (MCE:ANA) for the first nine months of 2011 surged by 211.7% on the year to EUR 314 million (USD 427.5m), above the expectations for EUR 292 million.

The surge was attributed to the sales of assets during the period, the company noted in its filing to the bourse regulator CNMV.

The revenue reached EUR 4.796 billion, up 5% on the year.

The earnings before interest, tax depreciation and amortisation (EBITDA) totalled EUR 934 million, up 14.8%. According to Acciona, the rise was mainly due to the positive performance of the Energy division driven by the higher pool price in Spain in the period, the higher international wind load factor, and the contribution of the 814 MW installed during the last twelve months.

The earnings before tax (EBT), in turn, soared 104.4 % to EUR 691 million.

The gross capital expenditure during the first nine months of the year reached EUR 872 million. The figure included EUR 629 million invested in the organic growth of the Acciona Energy division, and EUR 206 million in the Infrastructures division.

The group increased its net financial debt to EUR 6.886 billion from the EUR 6.587 billion registered by December 31, 2010.

(EUR 1.0 = USD 1.362)

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