Abertis Profit Rises on Seven-Year Spanish Traffic HighCharles Penty
Abertis Infraestructuras SA first-half profit rose 4.4 percent as traffic on the company’s Spanish toll roads reached the highest in seven years.
Net income increased to 306 million euros ($412 million) from 293 million euros a year earlier, the Barcelona-based company said in a filing today. Earnings exceeded the 299 million-euro average of 10 analyst estimates compiled by Bloomberg.
Vehicle use on the company’s Spanish highways rose 1.7 percent, the best six-month period for that part of Abertis’s business since 2007, before the country’s economic crisis started, Abertis said. That helped offset the effects of declining currencies in countries such as Argentina and Chile, the company said.
Earnings before interest, taxes, depreciation and amortization rose 11 percent to 1.48 billion euros, the company said. Revenue climbed 5 percent to 2.31 billion euros.