By Adria Calatayud

Enel on Wednesday reported a rise in first-half net profit after lower costs offset a revenue fall, and reiterated its targets for the year.

The Rome-based energy company said net profit came in at 2.51 billion euros ($2.78 billion) from EUR1.69 billion in the same period last year. On an adjusted basis, net profit--or net ordinary income--rose to EUR3.28 billion from EUR2.16 billion.

Revenue fell 28% to EUR47.095 billion, Enel said.

Earnings before interest, taxes, depreciation and amortization increased to EUR10.74 billion from EUR8.20 billion. Adjusted for one-offs, ordinary Ebitda grew 29% on year to EUR10.74 billion.

Enel confirmed its guidance for 2023, with ordinary Ebitda expected to be between EUR20.4 billion and EUR21.0 billion and net ordinary income in a range of EUR6.1 billion to EUR6.3 billion.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

July 26, 2023 12:38 ET (16:38 GMT)

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