Endesa Says Third Quarter Net Profit Up
Spain's biggest electricity company, Endesa SA, said Wednesday its third quarter net profit rose 25 percent, driven by higher electricity prices and improved margins.
Madrid-based Endesa the object of a takeover battle pitting Germany's E.On AG against Spain's Gas Natural SA said that net profit came to euro752 million in the three months to Sep. 30, compared with euro600 million in the same period last year. Revenue rose to euro5.13 billion from euro4.68 billion in 2005.
Endesa, Spain's largest energy company by market value, said that it's on track to meet the targets for its 2005 to 2009 strategic plan set in July.
Endesa said in a statement that it expects to achieve euro6.9 billion in earnings before interest, taxes, depreciation and amortization or EBITDA in 2006 and euro8.3 billion in 2009.
The company also said it expects a euro2.9 billion net profit for 2006 and up to euro3 billion in 2009.
Endesa also announced that it plans to distribute dividends of at least euro1.60 per share on this year's earnings, which would result in the distribution of euro4.24 billion to shareholders between 2005 and 2006, accounting for almost half of its target of distributing euro9.9 billion in dividends until 2009.
For the first nine months, net profit rose 61 percent to euro2.51 billion. Those results included euro396 million in extraordinary gains, for the sale of a stake in Spain's largest cable operator and additional sale of real estate property.
Endesa's shares were down 0.1 percent at euro24.15 in Madrid trading .
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