Endesa drives Acciona profits

Acciona's profits rose +180% in the first half of 2008 thanks to ownership of a stake in Spanish electricity company Endesa. The company's revenues were up +84% for the period.

Earnings before interest, tax and amortisation (EBITA) stood at € 1,35 billion for the first half of the year, compared to € 481 the same period in 2007. Revenues for the period were € 6,03 billion, compared to € 3,28 billion in the first six months of 2007. Like Acciona's sharp rise in profit, this was largely due to the consolidation of its ownership of a 25,01% stake in Endesa.

In contrast, Acciona Infrastructures saw a -11,3% decline in revenues over the- down to € 1,66 billion, compared to € 1,88 billion for the first half of 2007. Profits for this division were down more sharply at € 105 million, a -35,8% fall on 2007. The company blamed this on "narrowing margins", but said that the backlog for this business stream stood at a healthy € 7,59 billion as of the end of June, +45,1% higher than it was 12 months previously.