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UPDATE 1-Abertis net profit drops on unfavourable comparison
July 26, 2013 / 8:12 AM / 4 years ago

UPDATE 1-Abertis net profit drops on unfavourable comparison

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MADRID, July 26 (Reuters) - Spanish infrastructure company Abertis reported first-half net profit down 62 percent on last year, which had been flattered by the capital gain from its sale of a stake in a French satellite operator.

Abertis, which primarily operates motorways, posted net profit of 293 million euros ($388 million). However, core earnings rose 23 percent thanks to the integration of assets acquired from shareholder OHL, the Spanish construction company, in Brazil and Chile.

Discounting last year’s gains from the sale of the stake in satellite operator Eutelsat and the integration of assets in the first half, net profit rose 5.5 percent.

Abertis on Thursday said it would buy 16.4 percent of satellite operator Hispasat from the Ministry of Defence, which would bring its stake in the company to a majority holding. ($1 = 0.7555 euros) (Reporting by Paul Day and Sonya Dowsett; Editing by David Goodman)

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