Terna SpA (TRN.MI), Italy's biggest power grid by capacity, Friday said third-quarter net profit rose 23% on the year, thanks to an increase in regulatory-approved tariffs and dispatching activity incentives, allowing the company to estimate higher 2010 results on the year.
Terna SpA (TRN.MI), Italy's biggest power grid by capacity, Friday said
third-quarter net profit rose 23% on the year, thanks to an increase in
regulatory-approved tariffs and dispatching activity incentives, allowing the
company to estimate higher 2010 results on the year.
Terna said net profit was EUR138.7 million for the three months to September
30, up from EUR112.5 million during the same period a year earlier. Revenue
rose to EUR405.4 million, compared with EUR345.5 million.
A survey of nine analysts polled by Dow Jones Newswires had expected an average
net profit of EUR113.8 million on revenue of EUR387.3 million.
Terna is scheduled to hold a conference call with analysts at 1130 GMT. The
focus will be on building new 2011 solar facilities and use of proceeds from
the October sale of solar activities.
Terna's shares are about 3% higher in the past three months, slightly
outperforming the
Italy
benchmark FTSE Mib Index during the same period. Investors have moved into the
stock attracted by its defensive nature as a regulated utility.
At 1109 GMT, Terna shares were up 0.2% to EUR3.30, while the FTSE Mib Index was
flat.
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