Enel Green Power net profit drops 23% Y/Y in Jan-Sep

Nov 13, 2012 - Italy's Enel Green Power (BIT:EGPW) on Monday reported a net profit of EUR 278 million (USD 352.7m) for the nine months to September, down 23.4% on the year.
Net of non-recurring income -- which included transactions for EUR 181 million in the first half of 2011 -- the net profit would have grown by 4.1%, Enel Green Power said in a statement.
Total revenues rose 2.6% to EUR 1.907 billion. Earnings before interest, tax, depreciation and amortisation (EBITDA) fell 5.4% to EUR 1.122 billion and earnings before interest and tax (EBIT) dropped 15% to EUR 658 million.
Enel Green Power posted a third-quarter net profit of EUR 57 million, down 9.5% on the year. Total revenues grew 10.9% to EUR 582 million and EBITDA went up 2.3% to EUR 315 million. EBIT fell 5.4% to EUR 158 million.
The company had total installed capacity of 7,690 MW as at the end of September 2012, up 17.2% from 6,490 MW at September 30, 2011. Net generation came in at 18.2 TWh, compared with 16.8 TWh as at September 30, 2011.
Enel Green Power's net financial debt rose to EUR 4.687 billion at end-September 2012 from EUR 4.075 billion at the end of 2011.
Enel Green Power said it relies on raising its installed capacity in the fourth quarter which is seen to lead to 2012 EBITDA of at least EUR 1.6 billion.
(EUR 1 = USD 1.269)

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