The Red Eléctrica Group has reported a net profit of €448.8 million in the first nine months of 2015 compared to €414.8 million in the same period last year, representing an increase of 8.2%
Revenue for the first nine months of 2015 amounted to €1,456.3 million, representing a growth of 6% on the same period last year and includes revenues coming from facilities brought into service in 2014. Similarly, it brings together the revenues associated with the provision of telecommunications services, which reached €62.5 million, a fourfold increase on that invoiced in the same period of 2014, due to the inclusion of revenues from services associated to the rights to use and manage ADIF’s fibre optic network.
Operating costs grew at a rate of 5.3% compared to the previous year, and
continue to reflect the Company's efforts to improve efficiency, as in 2015 this item includes the costs associated to the new telecommunications activity which were not included in 2014.
Gross operating profit (EBITDA) reached €1,088.5 million, up 7% on the figure obtained in the first nine months of 2014.
The increase in both EBITDA and revenue is due to the almost equal growth in the transmission activity and telecommunications, noteworthy being that the latter is progressing according to plan, even exceeding the expected results for this period.
The net financial result was -€119.1 million compared to -€108.6 million registered in the same period year earlier as a result of a higher average financial debt balance mainly due to the acquisition of the rights to use and manage ADIF's fibre optic network and to an increase in other financial costs, partially offset by a lower average interest rate.
Investment in this period reached €328.3 million, of which 95% was earmarked for transmission grid development in Spain and energy storage in the Canary Islands.
On 13 October, the credit rating agency Standard & Poor’s raised its rating for Red Eléctrica from ‘BBB+’ to ‘A-’ ranking it among the companies with the highest credit rating in the country.
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