Italy’s Enel grew profits in the first quarter driven by its green energy division as well as the strong performance of its businesses in Latin America.
The Italian power utility said that revenues in the first three months of 2019 rose by 10.3 per cent to €20.9bn while group net income increased by 7.4 per cent to €1.16bn compared to the same period last year.
Revenues in its South American divisions increased by 37.9 per cent to €4.25bn, with earnings before interest and taxes (ebit) in the region rising 29.4 per cent to €916m. Sales in its domestic Italian operations rose by 6.9 per cent to €10.8bn and ebit increased by 11.9 per cent to €1.46bn.
The company’s net financial debt rose by 9.7 per cent to €45bn, which Enel said was a result of the application of new IFRS 16 accounting rules, as well as capital expenditure, dividend payments and acquisitions. Total capital expenditure in the quarter rose by 52.2 per cent to €1.87bn compared to the first quarter of last year.
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