West Link toll bridge owner NTR said today that seasonal factors were behind a drop in underlying profits for the six months to the end of September 2006.
In a statement issued today NTR said group operating profit was €7.1 million, down from €11.8 million for the six months ending December 31st.
Overall revenue was up 7.2 per cent to €206 million, with waste disposal business Greenstar performing strongly after posting a €17 million rise in revenue to €85 million.
NTR's new bio-energy division, Bioverda, contributed €4.2 million in sales, offsetting a fall in Airtricity revenues of almost €10 million to €85.2 million. Seasonal factors were behind this fall, according to an NTR statement.
Earnings before interest, tax, depreciation and amortisation stood at €30.6 million from €34.2 million in the six months to the end of December 2005.
Also announced today was a joint venture company between Bioverda and Virgin Fuels to develop biofuels. Virgin Bioverda is to invest €10 million in two 100 million gallon plants in Indiana and Tennessee to convert corn to ethanol.
