Enel Green Power operating profits down as capacity rises

Chief executive Francesco Starace says EGP's results were "very satisfactory"

Enel

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By Ben Backwell London

 Wednesday, August 01 2012

Updated: Sunday, November 25 2012

Italian renewables giant Enel Green Power (EGP) saw revenues of €1.334bn ($1.641) during the first half of 2012, 0.7% lower than the same period last year.

Earnings before interest and tax (Ebit) for the first half were €500m, compared to €607m, while net profits fell 26.3% to €221m from €300m the previous year.

EGP says the lower revenues and profits are due to the impact of non-recurring items – primarily the sale of the company's assets in the EUFER joint venture in Spain – on its results in the first half of 2011.

Excluding those items, revenues increased by €172m, or 14.9%, while Ebit rose by 17.4% and net profits rose by 8.3%.

Net installed capacity was 18.5% at 7.55GW.…

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