Enel Nine-Month Net Profit Rose 15%

   By Pietro Lombardi 
 

Enel SpA's (ENEL.MI) net profit for the first nine months of the year rose 15%, supported by lower financial expenses, it said Tuesday.

Net profit for the period was 3.02 billion euros ($3.44 billion), up from EUR2.62 billion a year earlier, the Rome-based energy company said.

Revenue grew roughly 2% to EUR55.25 billion, boosted by growing revenue from distribution in Italy and Spain and acquisitions.

Earnings before interest, taxes, depreciation and amortization was EUR12.13 billion, a roughly 6% increase on year, it said. This result is in part due to the growth in renewables, the company said.

Enel will pay an interim dividend of EUR0.14 per share for 2018.

"The overall dividend for 2018 will be the highest between 0.28 euros per share and 70% of the Enel Group's net ordinary income," it said.

The company confirmed its 2018 targets for net income and Ebitda, "despite the negative impact mainly attributable to exchange-rate developments," it said.

Net financial debt for 2018 should stand at between EUR41 billion and EUR42 billion, which is EUR1 billion to EUR2 billion higher than the expectations the company set in its 2018-20 Strategic Plan target.

"Renewables were once again the major driving force behind the group's positive performance, while the diversification of our geographical footprint proved effective to withstand the current, adverse development of certain exchange rates," Chief Executive Francesco Starace said.

Write to Pietro Lombardi at [e-mail]

(END) Dow Jones Newswires

November 06, 2018 12:21 ET (17:21 GMT)

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