Endesa Nine-Month Profit Falls as Gains From Asset Sales Drop
Stock Chart for Endesa SA (ELE)
Endesa SA (ELE), Spain’s second-biggest utility, said nine-month profit declined 27 percent after gains from asset sales dropped.
Net income fell to 1.98 billion euros ($2.72 billion) from 2.72 billion euros in the year-earlier period, the Madrid-based power company controlled by Italy’s Enel SpA (ENEL) said in a filing today. Gains from selling assets plunged 85 percent to 165 million euros.
Enel owns 92 percent of Endesa after gaining control of the company in 2007. As part of that deal, Endesa transferred some renewable-energy units to builder Acciona SA and sold assets to Germany’s E.ON AG. The company has been selling more units to increase savings after the takeover.
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