Acciona lifts Q1 net profit 21%

Net profit at Spanish infrastructure and renewables group Acciona SA (BME:ANA) rose in the first quarter of 2017 by 20.8% year-over-year to EUR 60 million (USD 65m).

The company said today the increase is due to broadly good business performance, especially in the construction segment, and a reduction in financial costs.

Group revenues increased 15.2% to EUR 1.63 billion in spite of a fall of 19.1% at Acciona Energy, the company's renewable energy division. Energy revenues declined to EUR 463 million due to the deconsolidation of Acciona Windpower (AWP) which was sold last year to Nordex SE (ETR:NDX1). This fall was more than offset by a 44.6% revenue rise at the infrastructure division, driven by construction.

The deconsolidation of AWP also saw Acciona Energy's earnings before interest, tax, depreciation and amortisation (EBITDA) slip 2.1% to EUR 208 million. While the division's overall revenues and EBITDA were down, it increased its power generation revenues by 7.7% to EUR 361 million and EBITDA by 5.6% to EUR 226 million.

Acciona said its consolidated installed capacity increased in the first quarter of 2017 compared to a year ealier thanks to the addition of 228 MW of photovoltaic (PV) capacity in Chile, 93 MW of wind in the US and another 51 MW of wind capacity in India.

(EUR 1 = USD 1.086)

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