NTR profits rise 59-fold on sales

Irish utility firm NTR said today its fiscal full-year profit surged 59-fold after it sold its wind-energy and toll-road divisions…

Irish utility firm NTR said today its fiscal full-year profit surged 59-fold after it sold its wind-energy and toll-road divisions.

Net income for the year through March increased to €830.8 million ($1.31 billion) from €14.2 million a year earlier, Dublin-based NTR said today in a statement.

Earnings before interest, tax, deprecation and amortization rose to €86.5 million from €84.1 million, it said. Sales, excluding those from the units sold, gained 67 per cent to €421.4 million.

NTR is using the proceeds from the disposals to fund the expansion of its solar, ethanol and wind energy businesses in North America. The company also plans to buy back €275 million of shares in a "liquidity event" for investors.

NTR shares are not listed and can be bought through the company's Dublin-based brokers: Davy, Goodbody Stockbrokers and NCB Stockbrokers.