U.S. News

Endesa's First-Quarter Net Profit Drops 40%

Endesa said net profit fell 39.8% to 633 million euros ($861 million) in the first quarter to March 30 from a year earlier, below analyst forecasts for 806.3-862.0 million euros, depressed by a decline in pool prices and lower one-time gains.

In a statement, the Spanish utility group said EBITDA rose 2.72% to 2.0 billion euros ($2.72 billion) in real terms, but was up 15.3% in homogenous terms, while EBIT slipped 3.2% to 1.443 billion euros.

Analysts were forecasting EBITDA of 1.871-1.912 billion euros and EBIT of 1.396-1.415 billion euros.

Separately, Endesa said it plans to pay a total dividend against 2006 results of 1.64 euros per share, up from an initial estimate for 1.6 euros.