Enel 1st Half Net Profit, Revenue Fell; Confirms 2021 Targets
July 29 2021 - 12:53PM
Dow Jones News
By Mauro Orru
Enel SpA said Thursday that net profit and revenue fell in first
half, mostly due to thermal generation and trading activities amid
lower trading in Italy and negative exchange rate effects in Latin
America.
The Rome-based energy company said first-half net profit slipped
to 1.78 billion euros ($2.11 billion) from EUR1.95 billion in the
first half of 2020.
On an adjusted basis, the company's net profit--or net ordinary
income--fell to EUR2.30 billion from EUR2.41 billion.
Earnings before interest, tax, depreciation and amortization
declined to EUR7.72 billion from EUR8.65 billion. Adjusted for
one-offs including acquisitions or disposals, Enel's Ebitda--or
ordinary Ebitda--fell to EUR8.36 billion from EUR8.79 billion.
The company attributed the decline in ordinary Ebitda to
positive non-recurring items recorded in the first half of last
year, such as a non-cash provision reversal in Spain.
Revenue slipped to EUR29.85 billion from EUR33.38 billion.
Enel backed its financial targets for 2021, and the company
continues to expect ordinary Ebitda between EUR18.7 billion and
EUR19.3 billion, and net ordinary income between EUR5.4 billion and
EUR5.6 billion.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
July 29, 2021 12:39 ET (16:39 GMT)
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