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Article: Enel 1Q net profit rises 6 percent; company denies Acciona spat over Endesa
- Article from:
- AP Worldstream
- Article date:
- May 14, 2008
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Italian utility Enel SpA said Wednesday that its first quarter net profit rose 6 percent on the year and denied it was in a dispute with Acciona SA over their joint control of Spain's Endesa SA.
In a statement, the Rome-based company said its first quarter net profit rose to 1 billion (US$1.5 billion) from 943 million (US$1.45 billion) in the same period a year earlier, lifted by higher profits from its international expansion.
However, net profit growth was limited by higher debt-financing costs related to the takeover of Spain's largest power utility Endesa. Acciona and Enel gained control over Endesa in October, raising their combined stake in the company to more than ...