MADRID, Spain – Spanish infrastructure groupACCIONA has reported €596 million in net profit in the first half of 2016 with strong growth from its water division.
The Infrastructure division (which encompasses construction, water and service) billed €1,568 million in the first half of the year, which was 2.7% less than in the same period of 2015.
Water revenues increased by 77.2% for the group, with EBITDA (earnings before interest, taxes, depreciation and amortization) increasing from €13 million to €56 million due to expansion of the international design and construction business.
Earlier this month Acciona Agua announced its first contract in the Philippines (read WWi story).
The increase in water revenues helped to offset a 14.8% decline in the construction group.
Overall, the company attributed growth to €657 million in earnings from the merger of ACCIONA Windpower (AWP) and Nordex, in which ACCIONA is a core shareholder.
Group EBITDA amounted to €525 million (‑8.4%), which ACCIONA said was a result of a 36% decline in electricity prices in Spain.