Abertis increased its net profit by 9% in 2011
The Catalan transport and telecommunication company ended 2011 with a net profit of €720 million. The profit increase is due to a growth in returns from Abertis’ airport business and the increase in traffic on its motorways in France and the United States. However, the Barcelona-based multinational experienced a drop in its telecommunication revenues.
Barcelona (ACN).- The Barcelona-based transport and telecommunications company Abertis had a net profit of \u20AC720 million in 2011, an increase of 8.8% from the previous year. In a press release on Thursday, Abertis announced a net profit increase due to the reduction of its operating costs, which fell by 3.2%, and the 2% growth of its EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation). In addition, Abertis increased its profits linked to transport infrastructure management. The traffic growth of its highways in France and the United States compensated for the fall in traffic in Spain due to the poor state of the economy. Furthermore, airports managed by the Catalan company improved their results in 2011. However there was negative news too. Abertis\u2019 telecommunications business suffered a drop in activity compared to 2010.
Abertis had a net profit of \u20AC720 million last year. However, without considering the earnings for the sale of its shares in Atlantia and the effect of selling parking and logistics assets, the Catalan company\u2019s net profit was \u20AC702 million.
The company\u2019s 2011 results reflect the financial impact of selling Abertis\u2019 share in Túnel del Cadí, Atlantia, and the South-African PTY. In addition, they include a re-classification of its income, costs and results linked to the operation of segregating its parking and logistics businesses.
Abertis\u2019 operating income reached \u20AC3.915 billion in 2011. Compared to 2010, income coming from foreign markets increased by 52%, especially in France, Chile, and the United Kingdom. Regarding income distribution, 79% of the total comes from its highway business, 13% from telecommunications and 7% from airport management.
In 2011, Abertis managed to reduce its operating costs by 3.2%, reaching \u20AC1.461 billion. Besides, Abertis\u2019 EBITDA reached \u20AC2.454 billion, which represents a 1.9% increase compared to last year. The Barcelona-based company\u2019s Earnings Before Interest and Taxes (EBIT) was \u20AC1.517 billion, 2.2% more than in 2010.
The multinational\u2019s debt fell by \u20AC769 million, 5.2% less than in 2010. Aberti\u2019s debt at the end of 2011 represented \u20AC13.882 billion. Investments made last year focused on inorganic expansion (\u20AC511 million) and operating investments (\u20AC165 million). Abertis invested \u20AC144 million in purchasing 45% of Puerto Rico\u2019s highways. It also invested in Acesa, Iberpistas, and Sanef, while another \u20AC101 million was spent on the satellite company Hispasat.