(Updating with details on overseas operations)
MILAN (Thomson Financial) - Motorway operator Atlantia SpA posted stronger
first-quarter results at the top end of expectations, boosted by increased
traffic and tariffs in Italy and the contribution of its Polish operations.
The net profit rose 22.0 percent to 164.2 million euros, EBIT was up 8.5
pcercent to 384.0 million, EBITDA increased 11.2 percent to 493.2 million, and
sales gained 10.2 percent to 793.6 million.
"The forecasts for the full year are for an improved operating trend, given
the tariff trend, expansion of add-on activities, and full-year inclusion of
foreign activities acquired in 2007," the company said.
At the same, Atlantia said first-quarter traffic trends were bolstered by
Easter falling in March and because of the extra day in February for the leap
year.
"It is foreseeable that for the rest of the year there is a more limited
trend in traffic, also taking account of the general economic trend," the
company said.
In the first quarter, traffic on the main Italian concession was up 3.4
percent, including a 4.7 percent rise in light traffic and a fall of 0.4 percent
in heavy traffic.
Analysts were expecting only a 1.7 percent to 2.5 percent rise in Italian
traffic.
Analysts had also estimated a net profit of 150 million euros to 165 million
euros, EBIT of 372 million euros to 384 million euros, EBITDA of 459 million
euros to 486 million euros, and sales of 751 million euros to 776 million euros.
Atlantia said its Polish unit, Stalexport, posted a quarterly EBITDA of 6.5
million euros and sales of 10.6 million euros.
Traffic on Stalexport's motorway between Cracovia and Katowice increased 3.1
percent year-on-year.
U.S. unit Electronic Transaction Consultants reported a first-quarter EBITDA
loss of 2.6 million euros and sales of 5.3 million euros.
nigel.tutt@thomsonreuters.com
nt/wj/nt/wj
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