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ContourGlobal earnings gets boost from acquired solar power facilities in Spain

By BFN News | 09:45 AM | Wednesday 22 May, 2019


ContourGlobal said adjusted earnings rose by more than a fifth in the first quarter of the year, driven by the acquisition of solar power facilities�in Spain and improved wind resource and availability. For the first quarter of 2019, adjusted earnings (EBITDA) rose 23.5% to $147.0m, compared to the prior year. The earnings jump was primarily due to the acquisition of the 250 MW concentrated solar power facilities�in the southwest of Spain�in May 2018, which boosted earnings by $31.6m, while improved wind resource and availability, added $5.2m. But this was partially offset by FX movements in the Euro and Brazilian Real, both of which combined dented earnings by $11.5m. the company said. The annual dividend was expected to be increased by 10% as the company declared a first quarterly dividend for 2019 of $24.75m, corresponding to 3.6901�USD cents per ordinary share.� The�company also said it expected to close the acquisition of natural-gas fired cogeneration plants in Mexico from Alpek S.A.B. de C.V in the third quarter of 2019.� As previously disclosed,�the acquisition is expected�to make an adjusted EBITDA contribution of $110m in its first full year of operations, the company said. At 9:45am: (LON:GLO) Contourglobal Plc Ord 1p Wi share price was +2.5p at 201.5p Story provided by StockMarketWire.com

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