Abengoa H1 2013 profit falls 11% Y/Y

Aug 29, 2013 - Spanish diversified holding Abengoa (MCE:ABG) announced yesterday an annual net profit decrease of 11% to EUR 67 million (USD 89.2m) in the first half of 2013 despite the 8% increase in bioenergy business' revenue to EUR 984 million.

The profit decline was explained with the sale of environmental services division Befesa in April 2013.

On the other hand, the group's revenues added 15% to EUR 3.402 billion. Earnings before interest, tax, depreciation and amortisation (EBITDA) grew by 34% to EUR 531 million, with EBITDA margin at 15.6%, compared with 13.4% in the same period of 2012.

EBITDA of the bioenergy business rose to EUR 41 million from EUR 5 million in the first six months of 2012, chiefly due to the higher ethanol sales prices in Europe and the USA and the higher cane crushed capacity in Brazil, along with a significant increase of the crush spread in Europe and the USA, Abengoa added.

(EUR 1.0 = USD 1.331)

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