Enel's Nine-Month Net Profit Dropped on Impairment
13 November 2019 - 5:03AM
Dow Jones News
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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