Spain's ACS posts 1.93 bln euro loss in 2012 on Iberdrola

MADRID: Spanish infrastructure firm ACS posted a net loss of 1.93 billion euros ($2.5 billion), compared with a 962 million euro profit a year earlier, after writing down the value of its investment in power firm Iberdrola.

The company on Thursday reported a loss of 1.312 billion euros from the disposal of a 12 percent of Iberdrola and took a 1.308 billion euros writedown on its exposure to the utility.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) for ACS reached 3.1 billion euros last year while net debt fell by 47 percent to 4.95 billion euros from a year earlier.