ROME (dpa-AFX) - Enel Group reported net income for the first quarter of €1.18 billion or €0.13 per share , compared to €1.20 billion or €0.13 per share for the year-ago quarter.
EBITDA for the first quarter fell 2.2% to €4.3 billion, mainly due to the decline in the margin on generation activities in Italy.
First quarter revenue rose 8.5% to €21.19 billion from €19.54 billion a year ago, mainly due to to higher revenues from the sale of electricity on wholesale markets.
Fulvio Conti, Chief Executive Officer and General Manager of Enel, said, 'The negative economic trend experienced since last year continued into the first quarter of 2012, with lower demand mainly impacting Italy and Spain partially offset by the growth in the markets of Latin America, Russia and Eastern Europe. Against this backdrop, the financial results for the period were ahead of our expectations and essentially in line with 2011 results.'
Electricity sold by the Enel Group in the ffirst quarter totaled 82.5 TWh, an increase of 2.5 Twh, or 3.1%, as compared to corresponding period of the previous year, entirely attributable to sales abroad.
'The management initiatives undertaken to optimise investments, enhance efficiency and cut costs will enable Enel to achieve all of the targets already announced for 2012 in spite of the negative effects of the regulatory measures introduced in Spain to date,' said Conti.
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© 2012 AFX News
