Enel's Nine-Month Net Profit Dropped on Impairment

Date : 11/12/2019 @ 6:03PM
Source : Dow Jones News
Stock : Enel (ENEL)
Quote : 6.763  0.032 (0.48%) @ 11:18AM

Enel's Nine-Month Net Profit Dropped on Impairment

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1 Month : From Nov 2019 to Dec 2019

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   By Kim Richters 

Italy's Enel SpA (ENEL.MI) said Tuesday that its net profit for the first nine months of the year fell sharply on impairment charges.

Net profit dropped more than 70% to 813 million euros ($896.7 million) from EUR3.02 billion a year earlier, mainly due to impairment costs on a number of coal-fired plants, the energy company said.

Revenue rose to EUR57.12 billion from EUR55.15 billion last year, while earnings before interest, taxes, depreciation and amortization rose 8.9% to EUR13.21 billion.

Enel said it will pay an interim dividend of EUR0.16 per share and the total dividend for 2019 is expected to be the highest between EUR0.32 euros per share and 70% of the Enel's net ordinary income.

The company said it expects to beat its target for consolidated ordinary Ebitda, now expecting to come in around EUR17.8 billion, exceeding the target of around EUR17.4 billion. Net ordinary income for 2019 is expected to be around EUR4.8 billion.


Write to Kim Richters at kim.richters@wsj.com


(END) Dow Jones Newswires

November 12, 2019 12:48 ET (17:48 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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