By Mauro Orru
Enel SpA said Wednesday that net profit and revenue for the first half of 2020 fell amid a "very challenging environment" brought about by the coronavirus pandemic.
The Rome-based energy company said first-half net profit fell to 1.95 billion euros ($2.29 billion) compared with EUR2.22 billion in the first half of 2019.
On an adjusted basis, the company's net profit--or net ordinary income--rose to EUR2.41 billion from EUR2.28 billion.
Earnings before interest, tax, depreciation and amortization fell to EUR8.65 billion from EUR8.91 billion. Adjusted for one-offs including acquisitions or disposals, Enel's Ebitda--or ordinary Ebitda--rose to EUR8.79 billion from EUR8.76 billion.
Revenue contracted to EUR33.38 billion from EUR40.97 billion as the coronavirus hit energy sales in Italy and Spain.
Enel said it now expects 2020 ordinary Ebitda at around EUR18 billion and net ordinary income in a range of EUR5 billion and EUR5.2 billion since the company doesn't expect a recovery of Latin American currencies by the end of the year.
Write to Mauro Orru at email@example.com; @MauroOrru94