Nov 1, 2011 - The net profit of Spanish power utility and pulp manufacturer Ence slumped by 30% on the year to EUR 38.3 million (USD 52.43m) from January to September 2011, the firm said today.
Cellulose prices, which declined by 7% on average in the period, were the main reason for the profit decrease, Ence said. The cellulose revenue of Ence slipped by 2% to EUR 456.5 million.
Ence's revenue totalled EUR 627.4 million, up 3%, mainly on better performance of Ence's renewable energy sales. The rise, then, reflected the good sales of the electricity generated from biomass, which jumped by 32% to EUR 133.7 million.
Earnings before interest and tax (EBIT) came in at EUR 73 million, suffering a drop of 29%, and earnings before interest, tax, depreciation and amortisation (EBITDA) stood at EUR 114 million, down 23%.
(EUR 1.0 = USD 1.369)