The firm’s net profit takes into account extraordinary income from the fourth quarter 2007 sale of 25% of Applus and of 2% of Red Electrica de Espana.
Without the effect of capital gains, the firm’s recurrent profit was up 12.9% to E717 million and gross operating profit reached E2.06 billion, up 8.1% compared to 2006. The firm’s operating profit increased 12.2% to E1.46 billion in 2007.
Union Fenosa said that its generation activity rose 10.7% in 2007. The average price obtained by generation under the ordinary system reportedly outperformed the sector by 7.1%, as a result of the flexibility of the company’s generation assets.
For the firm’s international operations, operating income grew 12.9% to E376 million owing to improved efficiency and productivity. Despite adverse forex effects, earnings from international activities rose to E2.56 billion, up 4% on the preceding year.
