Enel Nine-Month Profit Fell on Challenging Iberian Conditions

Enel SpA (ENEL.MI) said Thursday that its nine-month net profit fell 5% year-on-year after droughts weakened energy production in the Iberian peninsula.

Net profit in the nine-month period ending Sept. 30 was 2.62 billion euros ($3.04 billion) compared with EUR2.76 billion in the year-earlier period. Total revenue was up 5.3% at EUR54.19 billion, while earnings before interest, taxes, depreciation, and amortization fell to EUR11.45 billion from EUR12.01 billion.

The Italian producer and distributor of electricity and gas said earnings decreased largely due to continuing challenges of conditions in the Iberian peninsula, which offset the strong performance in its home market.

Rome-based Enel confirmed its targets for 2017.

"In view of the results posted in the first nine months of the year and forecast developments in the last quarter, we can confirm our performance and financial targets for 2017," Chief Executive Francesco Starace said.

Enel will pay an interim dividend for 2017 of EUR0.105 per share in January 2018, up 17% on the interim dividend paid a year earlier, it said. The company added that it foresees an overall dividend for 2017 of EUR0.23 per share.

Write to Marc Navarro at marc.navarrogonzalez@dowjones.com and Marc Bisbal Arias at marc.bisbalarias@dowjones.com

(END) Dow Jones Newswires

November 09, 2017 03:17 ET (08:17 GMT)