ENEL 2012 net income down 79% at 865 million euros
Hit by write-downs, mostly Spain and Portugal
13 March, 13:18
(ANSA) - Rome, March 13 - Italian power company ENEL stock
fell 4.54% to 2.65 euro on the Milan stock exchange on Wednesday
after reporting 2012 results battered by write-downs for its
Iberian operations.
Whereas 2012 total revenues rose 6.8% over 2011 to 84.9
billion euros, group net income plummeted 79% in a year to 865
million euros for 2012.ENEL said the disappointing results were largely due to goodwill write-downs worth 2.6 billion euros, mainly on Endesa's activities in Spain and Portugal.
While ENEL's 2012 gross operating margin (EBITDA) of 16.7 billion euros was down just 4.9% over 2011, its earnings after the write-downs but before taxes and interest (EBIT) sank 31.4% to 7.7 billion euros in 2012.
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