Italian Kinexia's net profit grows 12% in Jan-Sep 2013

Nov 8, 2013 - Italy's Kinexia SpA (BIT:KNX) posted a net profit of EUR 1.3 million (USD 1.74m) for the nine months to September 2013, up by 12% annually, the renewable energy company said on Thursday.

Total revenues surged 40% to EUR 48.7 million, mostly due to the contribution of the waste management business. The revenues from renewable energy were flat at EUR 35.1 million, compared with EUR 35.2 million, Kinexia said in a statement.

Earnings before interest, tax, depreciation and amortisation (EBITDA) soared 139% to EUR 12.3 million, again on the back of the waste management business. The renewable business contributed with EUR 4.7 million to the overall EBITDA.

Earnings before interest and tax (EBIT) jumped 179% to EUR 4.4 million. Kinexia's pre-tax profit came in at EUR 1.5 million, compared with EUR 1.6 million for the nine months of 2012, when it had benefited from EUR 2.5 million proceeds from the sale of 18 MWp of photovoltaic (PV) plants to the Antin Infrastructure Partners fund.

Kinexia's net financial debt rose to EUR 94.8 million at September 30, 2013 from EUR 65.6 million as at December 31, 2012, following EUR 37.5 million investments in seven bioenergy plants via project financing, and EUR 5 million acquisition financing to buy Faeco SpA, the company said.

(EUR 1 = USD 1.340)

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