Lonrho Third-Quarter Revenue Up 45%, Boosted By Luba Port

LONDON (Dow Jones)--Africa-focused conglomerate Lonrho PLC (LONR.LN) Thursday said fiscal third-quarter revenue increased 45% on year, aided by bumper income at a port used by oil majors searching for oil in the deep waters off the West African coast. Lonrho said third-quarter revenue at its infrastructure unit more than doubled to GBP4.3 million. The unit operates Luba Freeport in Equatorial Guinea, where revenue increased 79% on year due to heightened exploration activity. The port also added Noble Energy Inc. (NBL) as a client, Lonrho said. Lonrho said third-quarter revenue at Fly540, it airline, rose 23% on year to GBP4.8 million, while revenue at its hotels and support services businesses also rose on year. The company said earnings before interest, taxes, depreciation and amortization, or Ebitda, were GBP1.5 million during the third quarter, compared with a loss of GBP2.4 million a year earlier. "The last quarter of 2010 and 2011 will reflect the strong foundations for growth that have now been successfully established," said Chairman David Lenigas. -By Jason Douglas, Dow Jones Newswires; 44-20-7842-9272; jason.douglas@dowjones.com (END) Dow Jones Newswires July 29, 2010 02:45 ET (06:45 GMT)