UPDATE 2-Abengoa H1 net profit beats forecasts

* Net profit 100.4 mln eur vs 92 mln eur f/cast

* EBITDA 420.8 mln euros vs 380 mln eur f/cast

* Alternative energy, waste management drive results

* Sees end-year debt rising to 6.2 bln euros – CFO

* Shares down 1 pct in weaker market

(Adds details from conference call on debt, share price)

MADRID, Aug 31 (BestGrowthStock) – Spanish engineer Abengoa (ABG.MC: )
reported forecast-beating growth in first-half profit on Tuesday
due to solid sales at its alternative energy and waste
management divisions.

The revenue increase in Abengoa’s biofuels and solar units
from new plants coming on stream offset more lacklustre growth
at its core engineering division and at its U.S. tech division
Telvent, which sold its outsourcing unit in January.

First-half net profit rose 21 percent to 100.4 million euros
($128 million) from a year ago, beating forecasts for 92 million
euros from a Reuters poll of eight analysts.

Earnings before interest, taxes, depreciation and
amortization (EBITDA) grew 34 percent to 420.8 million euros
from last year, when it was inflated by one-off items related to
stake sales.

Abengoa expects net debt to rise to about 6.2 billion euros
by end-2010, up from around 5.1 billion at end-June, financial
director Amando Sanchez Falcon said.

“We expect positive cash flow (in the second half) in line
with the trend in the first half…and the increase in our debt
in the second half of the year will be about the same as in the
first,” he told analysts during a conference call.

Net debt increased by about 1.1 billion euros in the first

Abengoa shares fell 1.4 percent to 18.5 euros at 1152 GMT,
against a 1.3 percent drop in the blue-chip IBEX (.IBEX: ).
(Reporting by Tracy Rucinski and Jonathan Gleave; additional
reporting by Feliciano Tisera; Editing by Sharon Lindores and
Erica Billingham)
($1=.7861 Euro)

UPDATE 2-Abengoa H1 net profit beats forecasts