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Spain’s Elecnor posts 4% y/y profit growth in Q1 2019

Osorio wind farm in Brazil. Source: Elecnor

May 8 (Renewables Now) - Spanish construction engineering company Elecnor SA (BME:ENO) recorded a consolidated net profit of EUR 21.7 million (USD 24.3m), up 4% year-on-year, in the first quarter of 2019, driven by the strong performance of the infrastructure and concessions business lines.

Elecnor said Wednesday its revenues were up by 2.7% to EUR 497.7 million with foreign markets accounting for 55% of all sales.

Services in the domestic market, the performance of the company’s US units Elecnor Hawkeye LLC and Elecnor Belco Electric Inc, coupled with the construction of transmission lines in Brazil and wind farms in Panama and Mauritania, among other overseas projects, contributed to overall results of the infrastructure business line.

The robust performance of the concessions business was supported by the high output of wind farms in Spain and power transmission sales in Brazil. The Elecnor group operates  5,740 kilometres of power lines in Chile and Brazil. The wind portfolio consists of assets with the combined capacity of 1,213 MW, including those in operation and under construction, in Spain, Brazil and Canada.

Elecnor’s order backlog reached EUR 2.32 billion, surpassing by 4.1% the figure recorded at the end of December 2018.

(EUR 1.0 = USD 1.12)

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Sladjana is the newest addition to the Renewables Now team. She has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry.

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