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Enel profits boosted by Russian sell-off

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Enel profits boosted by Russian sell-off
Enel's revenues fell due to a drop in electricity sales. Photo: NayuKim/Flickr
07:33 CET+01:00
Italian energy company Enel said on Tuesday its operating profit rose by 7.6 percent to €17 billion euros, although the gain was largely due to disposals.

The 2013 operating profit as measured by earnings before interest, tax, depreciation and amortisation (EBITDA) was boosted by a one-billion-euro capital gain from the sale of a stake in a Russian natural gas field, while in 2012 it had taken a €900 million euro charge when adopting international accounting standards.

Revenues dropped by 5.2 percent to €80.5 billion due to a drop in electricity sales.

Chief executive Fulvio Conti said the company nevertheless managed to achieve its objectives in the "adverse macroeconomic and regulatory scenario which is persisting in Italy and Spain."

Cost containment efforts and a tighter focus on investments should produce further positive results in 2014, he added.

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