Enel 9-Month Profit Down

(RTTNews) - Enel (ENLAY.PK, EN) Tuesday said its group net income for first nine months of 2019 dropped to 813 million euros from 3.02 billion euros last year.

The bottom line was negatively impacted by impairment recognized on a number of coal-fired plants.

On an adjusted basis, net income rose 14.1% to 3.30 billion euros from 2.89 billion euros last year.

EBITDA for the first nine months of 2019 rose 8.9% to 13.21 billion euros from 12.13 billion euros last year.

Ordinary EBITDA gained 10.5% to 13.27 billion euros from 12.01 billion euros a year ago. The increase reflects the performance of Infrastructure and Networks in Latin America, which benefitted from the results posted by Enel Distribuição São Paulo and regulatory changes in Brazil and Argentina.

Revenues for the first nine months of 2019 were 57.12 billion euros, up 3.4% from 55.25 million euros last year.

Revenue increase was mainly driven by the activities of Infrastructure and Networks, especially in Latin America thanks to the contribution of Enel Distribuiçao Sao Paulo in Brazil and the settlement of pending regulatory issues in Argentina, as well as to Thermal Generation and Trading activities, mainly in Italy.