Abertis profit drops in Q1
Spanish infrastructure group Abertis posted its first quarter results, which showed that net profit dropped to 130mn euros (US$142mn) from 385mn euros.
But, the company said, the figure reflects the impact of a purchase of 50% of Chilean concessionaire Autopista Central in January 2016.
According to the earnings report, if this event is not taken into account then net profit is up 13%.
First quarter revenue was 1.28bn, up 18% year-on-year thanks to a 2.3% increase in traffic, with noteworthy increases at Spain (+6%) and Chile (+6.4%).
Ebitda increased 13% to 807mn thanks to what the company called "strong operating margins."
Abertis also said the performances of the Brazilian real, the Chilean peso and the US dollar boosted the figures.
Consolidated net debt increased to 15.0bn euros on account of the purchase of minority stakes in French subsidiary Sanef and the inclusion of the new assets. However, the net debt/Ebitda ratio was reduced from 4.4x in 2016 to 4.2x in the first quarter of 2017.
As for the balance sheet, total assets decreased to 30.4bn euros to 31.2bn euros. Investment in the first quarter totaled 1.28bn, with the main target being improvements and widening work on toll roads in Brazil.
Abertis operates more than 8,300km of toll roads in the world. In Latin America it has operations in Argentina, Brazil, Chile and Colombia.
Recently, rival company Atlantia released a statement saying it has a "very preliminary and generic interest to examine common projects with Abertis, amid rumors of a tie-up between the two companies.
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