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International Power Profits Up 12% in the First Nine Months of 2007

Posted on: Friday, 9 November 2007, 12:00 CST

International Power has reported profit from operations of GBP634 million for the first nine months of 2007, up 12% compared to GBP564 million in the same period of 2006.

Free cash flow for the first nine months of the year was GBP415 million, an increase of 22% compared to GBP339 million in the same period of the previous year. This increase was driven by strong operational and financial performance across the group, together with higher dividends from joint ventures and associates. This was partially offset by increased tax and interest payments, which were GBP56 million higher than in 2006.

Disposals include the proceeds of GBP249 million from the sale of Malakoff and GBP168 million from the disposal of 25% of Deeside, Rugeley and Indian Queens to Mitsui. Acquisitions include the purchase of the Maestrale wind portfolio, the remaining 50% of the Simply Energy business, together with the purchase of 5% of First Hydro and Saltend and the economic interest of 9.2% of Paiton from Mitsui.

Neville Simms, chairman of International Power, said: "Our business continues to benefit from our diversified portfolio, with earnings per share up 19% and free cash flow up 22% on the same period last year. We remain confident that 2007 will be a year of further growth."

Source: Datamonitor

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