Spanish power utility Union Fenosa saw its first-quarter profit rise 39 percent because of the sale of minority stakes in a Philippine power company and the Spanish unit of France Telecom SA, the company announced Thursday.
The Madrid-based utility said net profit stood at 454.6 million euros (724.63 million U.S. dollars) for the three months ended March 31, compared with euro326.2 million in the same period a year ago.
The quarterly numbers include a euro203 million (323.58 million dollar) capital gain on the sale of Fenosa's 40 percent stake in the joint venture that controls a 22.9 percent stake in Manila Electric Co., the Philippines' largest power distributor and the France Telecom stake.
Investment company First Philippine Holdings Corp. paid Union Fenosa 250 million dollars euro156.84 million) for the stake.
Last year, first-quarter results included a euro150.3 million capital gain on the sale of Fenosa's consulting unit, Soluziona.
Source: Xinhua/Agencies
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