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Enel 1st Half Net Profit, Revenue Fell; Confirms 2021 Targets

   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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