Finance
Endesa’s 9-month net profit surpasses expectations with 33% increase
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MADRID (Reuters) -Spanish power utility Endesa said on Wednesday that it is on track to meet its targets for the year after a
MADRID (Reuters) -Spanish power utility Endesa said on Wednesday that it is on track to meet its targets for the year after a recovery in its gas business helped net profit for the first nine months rise 33%, surpassing analysts’ expectations.
The company, owned by Italian energy giant Enel, posted a net profit of 1.4 billion euros ($1.51 billion) for the period, compared with 1.06 billion euros a year earlier and expectations of 1.3 billion euros.
The group, which will give a strategic update on Nov. 19, expects the outcome of a $700 million arbitration case related to a price review of a long-term liquefied natural gas supply contract in Nigeria by the end of the year.
($1 = 0.9241 euros)
(Reporting by Pietro Lombardi, editing by Inti Landauro and David Latona)
Net profit is the amount of money a company earns after all expenses, taxes, and costs have been subtracted from total revenue. It is an important indicator of a company's profitability.
Liquefied natural gas (LNG) is natural gas that has been cooled to a liquid state for ease of storage and transport. It is used as a cleaner alternative to other fossil fuels.
A strategic update is a report or presentation that outlines a company's current position, goals, and plans for the future. It is often shared with stakeholders to provide insight into business direction.
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