Acciona sells hydro portfolio for 287 mln euros, results beat forecasts
MADRID, July 30 (Reuters) -Spanish power company Acciona Energia ANE.MC said it has sold a hydroelectric portfolio for 287 million euros ($310.56 million), as it reported forecast-beating half-year results driven by its infrastructure and Nordex units.
Acciona Energia, which is controlled by construction conglomerate Acciona ANA.MC, said on Tuesday it sold 175 megawatts of hydroelectric generation capacity to Spanish renewable company Elawan as part of its strategy to strengthen its balance sheet through asset sales.
For the six months to the end of June, the parent company reported net profit of 116 million euros and revenue of 8.8 billion euros, compared to LSEG analyst forecasts of 46 million euros and 7.5 billion euros respectively.
Half-year revenue was 24% higher compared to last year, but profit was 75% lower, as last year's period was boosted by exceptional gains as it fully consolidated German wind turbine manufacturer Nordex and another renewable business.
Acciona said its results were boosted by its infrastructure business where revenues grew 4%, helped by strong construction demand in Britain, Australia and Latin America, and by Nordex, where revenues were 25% higher.
Those performances helped offset the drag from its energy unit where revenues were 24% lower due an overabundance of renewable resource, low demand and lower energy prices during the spring.
($1 = 0.9241 euros)
Reporting by Pietro Lombardi, Corina Pons and Sarah Young, Editing by Louise Heavens
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