LONDON (dpa-AFX) - International Power Plc (IPR, IPR.L) issued interim management statement for the period from January 1, 2012 to April 18, 2012.
Revenue for the three months ended March 31, 2012 was 4.26 billion euros, up 5%. The company stated that its portfolio of assets has continued to perform well and in line with its expectations.
Performance for Latin America region improved compared to the same period in 2011, mainly due to higher average achieved prices in Brazil driven by inflation escalation, and the commissioning of new Brazilian hydro capacity at Estreito. Although revenue was down principally due to lower gas prices, profitability in North America benefited from a contract settlement at the gas transportation business in Mexico and a lower depreciation charge.
According to International Power, profitability in the quarter benefited from a lower carbon price in the UK and an improved wind yield in Italy. Overall, conditions in the UK market remain weak, which has led to the proposed closure of the 210MW (gross and net) Shotton and 210MW gross (49MW net) Derwent plants.
Going ahead, the company said it remains confident of delivering further growth in 2012, principally driven by full-year contributions from new plants that became operational in late 2011 as well as new capacity that is expected to come on line during 2012.
Copyright RTT News/dpa-AFX