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Portugal REN 2011 profit up 9 pct, beats forecast
March 1, 2012 / 5:21 PM / 6 years ago

Portugal REN 2011 profit up 9 pct, beats forecast

LISBON, March 1 (Reuters) - Portuguese power grid operator REN reported on Thursday a 9 percent rise in 2011 adjusted net profit, slightly exceeding the market consensus, with the increase driven by network enlargement and lower operating costs.

The company’s adjusted net profit rose to 131 million euros ($174.65 million) from 120 million a year earlier, while earnings before interest, taxes, depreciation and amortization climbed 9.5 percent to nearly 473 million euros.

Portugal’s government last month agreed to sell stakes amounting to a total of 40 percent in REN to China State Grid and Oman Oil for 592 million euros.

The sell-off is part of the privatisation drive the country has vowed to implement under the terms of its 78-billion-euro bailout loan from the European Union and the IMF.

REN shares had closed 1.2 percent higher at 2.125 euros before the results were announced, outperforming the broader market in Lisbon, which rose 0.95 percent. ($1 = 0.7501 euros) (Reporting By Filipa Lima, writing by Andrei Khalip)

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