Infrastructure group NTR, which also owns the West Link toll bridge, has reported a fall in underlying profits for the six months to the end of September. It has also announced a joint venture with Richard Branson's Virgin Group.
Revenue was up 7% to €206m, but earnings before interest, tax, depreciation and amortisation (EBITDA) were €30.6m from €34.2m in the six months to the end of December 2005. NTR changed its year-end to March 31 in late 2005.
NTR said the fall in profits was due to lower summer demand for wind energy and increased losses at Irish Broadband.
Revenue in its waste business Greenstar was up from €68m to €85m, while its new bio-energy division Bioverda contributed €4.2m in sales. Airtricity revenues dropped by almost €10m to €85.2m.
NTR has also announced the formation of a joint venture company between Bioverda and Virgin Fuels, aimed at exploiting opportunities in the biofuels sector. Virgin Bioverda is to invest €100m in two 100 million gallon plants in Indiana and Tennessee. These will convert corn to ethanol.
NTR also said it was 'engaging constructively' with the National Roads Authority on the plan to bring in an electronic free flow tolling system at West Link by mid-2008.
Meanwhile, finance director Michael Walsh told RTE radio that Irish Broadband was looking for equity partners to provide the investment needed. He said the division was not up for sale.
