Mexico's IEnova profits bolstered by wind farm sale

Thursday, October 23, 2014

IEnova, the Mexican unit of US-based Sempra Energy, posted a 13% rise in profits in the third quarter, bolstered by the sale of a 50% stake sale in the Energía Sierra Juárez wind farm and higher natural gas and electricity volumes and prices.

Third quarter earnings were US$64.5mn, up from US$57.0mn in 3Q13, helped by US$16.7mn in after-tax income from the sale of the wind farm to InterGen, the Mexico City-based firm said in a statement

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The profit from the wind farm sale was partially offset by higher income tax expenditure, the company said.

Higher natural gas and electricity volumes and prices pushed quarterly revenue to US$235mn, up from US$189mn in 3Q13.

IEnova focuses on the development, construction and operation of energy infrastructure projects in natural gas and renewables.