Spanish utility Union Fenosa has seen its FY2005 earnings grow by 114% on the back of significant asset divestments, but its net profit of E815 million was still somewhat below analysts' forecasts.

The results were bolstered by a gain of E693 million through the disposal of part of Union Fenosa’s stake in Auna, a Spanish communications company. EBITDA rose by 20% to E1.48 billion, helped by high prices for power generated in Spain. Analysts polled by Reuters however anticipated an EBITDA return in the region of E1.6 billion.

Operating profit at its Spanish energy business grew by 44% to E98 million, Reuters reported, with this business unit seeing an operating result twelve times better than in 2004.