Spain's Ence Q1 net profit falls 25 pct, sales up

MADRID, May 12 (Reuters) - Spanish pulp, paper and energy group Ence (ENC.MC: Quote, Profile, Research, Stock Buzz) posted a 25 percent drop in net profit in the first quarter to 17.6 million euros ($27.21 million) on Monday.

It said the fall was due to a one-off boost of 18.3 million euros booked in the comparison period last year from a hedging programme.

Sales rose 8.8 percent to 164.8 million euros due to electricity sales which were 2.6 times those of last year, exceeding 26 million euros.

However, pulp sales -- Ence's main business -- fell 2.4 percent to 122.7 million euros after a stoppage at Ence's plant in Pontevedra for maintenance work.

Ence said the normal rate of production was resumed in April.

The company said the loss in production had been partly compensated for by a rise in the price of pulp which was 3.6 percent more than in the same period last year.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 34.1 percent to 31.6 million euros.

At 0723 GMT Ence shares were down 0.5 percent to 6.10 euros.

(Reporting by Sarah Morris; Editing by Quentin Bryar)