Endesa 1st Half Net Profit Rises on Improved Market Conditions

   By Alberto Delclaux 
 

Endesa SA (ELE.MC) said Tuesday that net profit rose 15% in the first half of 2018 thanks to the normalization of market conditions following a difficult 2017.

The Enel SpA (ENEL.MI) subsidiary said net profit was 752 million euros ($880.8 million) compared with EUR653 million a year earlier, while revenue fell 0.7% to EUR9.93 billion.

Earnings before interest, taxes, depreciation and amortization grew 12% to EUR1.80 billion, boosted by a 42% rise from its generation-and-supply business, the Spanish energy company said.

Endesa attributed the recovery to a normalization of market conditions, following a disruptive first half in 2017. During 2018, Endesa said the cost of energy it purchased fell by 7.9%, benefiting from a recovery in hydroelectric output.

The company said it was "well on track" to meet its 2018 guidance, which consists of Ebitda of about EUR3.4 billion and net profit of about EUR1.4 billion.

Write to Alberto Delclaux at [e-mail]

(END) Dow Jones Newswires

July 24, 2018 02:57 ET (06:57 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.