Spain's Endesa posts soaring profit despite impact of windfall tax By Reuters

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Spain's Endesa posts soaring profit despite impact of windfall tax

Published May 09, 2023 07:10 Updated May 09, 2023 07:20

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Spain's Endesa posts soaring profit despite impact of windfall tax

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MADRID (Reuters) - Spanish power group Endesa on Tuesday posted a 76% year-on-year increase in first-quarter net profit as lower gas prices helped offset the impact of Spain's windfall tax.

Net profit for the quarter was 594 million euros ($653.9 million), said the company, which is owned by Italian energy giant Enel (BIT:ENEI).

Endesa added that the cost of a windfall tax imposed on Spain's largest energy firms was 208 million euros in the quarter.

The company has appealed the temporary 1.2% levy on utilities' sales, which it sees as "discriminatory and unjustified", before the country's High Court.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 60% to 1.46 billion euros.

The Spanish company confirmed its outlook for the year, which includes an estimated EBITDA of between 4.4 billion and 4.7 billion euros.

($1 = 0.9084 euros)

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