July 31, 2018 / 3:46 PM / 3 months ago

Enel confirms outlook as debt rises after M&A

MILAN (Reuters) - Italy’s Enel (ENEI.MI) stuck to its full-year targets after core earnings in the first half rose 2.6 percent, boosted by higher margins at its green energy business in Italy and Spain.

Europe’s biggest utility said on Tuesday ordinary earnings before tax, depreciation and amortization (EBITDA) came in at 7.7 billion euros ($9 billion), in line with expectations.

Net debt rose 11.2 percent from December to 41.6 billion euros after acquisitions and dividend payments.

State-controlled Enel is targeting ordinary core earnings for the year of around 16.2 billion euros.

Reporting by Stephen Jewkes, editing by Valentina Za

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