Italian energy firm ERG reports profit jump on new assets
Adds details from results and background; CEO quote in paragraph 6, share move in para 9
Aug 2 (Reuters) -Italian energy company ERG ERG.MI on Friday posted a 9% jump in second-quarter adjusted core profit, citing contributions from new energy assets, and said its new business plan was on track.
The group's 116 million euro ($127 million) adjusted core profit was largely attributable to refitting and modernising power plants in Italy, where core profit grew around 20% to 81 million euros.
The United States, which contributed to ERG results for the first time following a partnership with Apex Clean Energy agreed in December, accounted for 12 million euros of core profit, it said.
ERG was one of Italy's leading oil companies before shifting its focus to renewable energy. Following an asset rotation completed in 2023, it now generates power from wind and solar sources.
Under a new business plan unveiled in May, ERG pledged to pay a dividend of up to 1.3 euros ($1.42) and invest up to 1.2 billion euros.
"The development of our portfolio continues in line with the new business plan," Chief Executive Paolo Merli said in a conference call.
Increasing volumes were offset by electricity prices that dropped from the high levels of the same period last year, an effect visible mainly in foreign market, he added.
ERG confirmed its guidance for 2024, which includes core profit of 520-580 million euros, capital expenditure of 550-600 million euros and net financial debt of 1.75-1.85 billion euros.
At 1446 GMT the stock was up 0.5%,trading at 24.82 euros.
Overall, energy production in the second quarter rose 42% to 1,723 gigawatt-hours, with around 80% of the total coming from wind and the remaining 20% from solar.
Adjusted net profit came in at 106 million euros, slightly down from 114 million euros the same period last year, reflecting higher amortisation, depreciation and financial expenses related to new assets consolidation, ERG said.
The elimination of a tax benefit in Italy also impacted the adjusted net result, it said.
($1 = 0.9165 euros)
Reporting by Alberto Chiumento
Editing by David Goodman and Conor Humphries
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