Acciona Q1 net rises 9.5 pct, beats estimates

MADRID, May 13 (Reuters) - Spain's Acciona (ANA.MC: Quote, Profile, Research) posted a 9.5 percent rise in first-quarter net profit to 154 million euros ($238 million) on Tuesday, as earnings from new purchase Endesa (ELE.MC: Quote, Profile, Research) outweighed the effects of a property slowdown.

The building-to-energy company's revenue rose 74 percent to 2.85 billion euros, in line with analysts' expectations of 2.95 billion.

Acciona was expected to post a net profit of 144.5 million euros according to a Reuters poll of seven analysts.

EBITDA (earnings before interest, tax, depreciation and amortisation) grew 164 percent to 636 million euros, 405 million euros of which came from the incorporation of Endesa, which Acciona bought with Italian utility Enel (ENEI.MI: Quote, Profile, Research) last year.

Acciona has spent the last few years expanding into the renewable energy sector as a new growth market, diversifying away from its traditional building and property business, two sectors which are now suffering a sharp slowdown in Spain.

Acciona's own energy unit boosted EBITDA by 44.6 percent to 148 million euros while its property unit posted EBITDA of 21 million euros, down 54.6 percent. Infrastructure was down 24.2 percent to 52 million euros.

Acciona said sales at its energy division leapt 35.5 percent thanks to higher pool prices and more capacity coming on stream from its wind power plants.

Shares in Acciona, which rose 48 percent in 2007 on enthusiasm for renewable energy stocks, have fallen 18 percent so far this year and underperformed the DJ European construction index by 10 percent as Spain's housing boom brakes.

(Reporting by Sarah Morris and Joe Ortiz; editing by Sue Thomas)