BBW loses $88.4m

Canberra Times
Wednesday 25/2/2009 Page: 15

Babcock and Brown Wind Partners Group says separation from its troubled parent will return it to modest profitability despite a first-half net loss of $88.4 million. The loss in the six months to December 31 followed a net loss of $4.46 million in the previous corresponding period.

Included in the bottom line result was $44.5 million in costs associated with the termination of management agreements with parent Babcock and Brown. BBW booked a $7.6 million loss from its Portuguese wind-farm assets, which were sold off during the first half. Earnings before interest, tax, depreciation and amortisation were $192.3 million in the first half, 54% higher than in the previous period. BB shares closed steady at 90c.