ENEL Enel Spa

   By Giulia Petroni 
 

Enel SpA said Wednesday that net profit was broadly flat in the first quarter and confirmed the targets outlined in its 2020-22 strategic plan.

The Rome-based energy company said net profit for the period was 1.25 billion euros ($1.36 billion) from EUR1.26 billion in the previous year. On an adjusted basis, net profit increased 10.5% on year to EUR1.28 billion.

Earnings before interest, tax, depreciation and amortization came in at EUR4.71 billion from EUR4.55 billion in the year-earlier period. Adjusted for one-offs including acquisitions or disposals, Ebitda came in at EUR4.74 billion.

Revenue for the quarter decreased 12.2% to EUR19.99 billion from EUR22.76 billion in the previous year. The fall was partly attributed to lower volumes of electricity sales in Italy and Spain, reduced trading activities and adverse exchange-rate effects.

Enel reported a net debt of EUR47.10 billion for the period, a 4.3% increase from the previous year as a result of investments.

The company said the coronavirus pandemic only had a limited impact on business in the first quarter of the year and reiterated its goals for the 2020-22 period.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

May 06, 2020 12:14 ET (16:14 GMT)

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