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Spain’s Endesa reports 2011 profit plunge

Spanish power producer Endesa, a subsidiary of Italian group Enel, said on Wednesday that net profit slumped in 2011 largely because of the impact of asset sales.

Net profit fell 46.4 percent to 2.212 billion euros in 2011 because previous year’s profits had been inflated by a series of sales of non-core assets, it said.

Stripping out the impact of asset sales, Endesa said profit declined by 0.7 percent in 2011.

Revenue grew 4.8 percent over the year to 32.7 billion euros, Endesa said, as it benefitted from higher sales prices.

Gross operating income — earnings before interest, taxes, depreciation and amortization — fell 2.8 percent to 7.265 billion euros.

In the final quarter of 2011 net profit plummeted 83.4 percent from the same period a year earlier to 234 million euros while revenue slipped 1.5 percent to 8.082 billion euros.