Spain’s Acciona posts Q1 profit growth

Spain’s Acciona posts Q1 profit growth
Published: 12 May 2019 - 4:43 a.m.
By: Baset Asaba

Spain’s Acciona SA posted a 19.2% year-on-year increase in first-quarter net profit of EUR 73 million (USD 82m) mainly on sales growth recorded in the two main business lines, energy and infrastructure, and lower depreciation and financial charges.

The group’s earnings before interest, taxes, depreciation and amortisation (EBITDA) declined by 8.8% year-on-year to EUR 292 million.

Energy EBITDA inched up by 0.9% during the first three months.

Acciona said Friday that its divestment of assets and the early termination of a concession of Barcelona-based water supply and treatment company Aigues Ter Llobregat (ATLL) led to underperforming EBITDA.

The energy business recorded revenues of EUR 545 million, up 5%. In Spain, sales were down by 11.6% to EUR 211 million, as higher electricity prices could not compensate for the lower output in the domestic market.

Abroad, Acciona energy revenues reached EUR 183 million, up by 21.2% year-on-year.

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