Terna SpA (TRN.MI), Italy's biggest power grid operator by capacity, said Thursday its 2010 net profit dropped 20% on the year, after a special gain in 2009, and increased its dividend by 11%.
Terna SpA (TRN.MI),
Italy
's
biggest power grid operator by capacity, said Thursday its 2010 net profit
dropped 20% on the year, after a special gain in 2009, and increased its
dividend by 11%.
The Rome-based company said it plans to pay a EUR0.21 a share dividend on 2010
earnings, in line with analyst expectations.
Terna said net profit was EUR613.6 million, down from EUR771.0 million in 2009
in which it booked a capital gain of more than EUR400 million. Revenue rose to
EUR1.59 billion compared with EUR1.39 billion.
The 2010 net profit figure included a EUR146.7 million special gain from the
sale of a photovoltaic asset.
A survey of seven analysts polled by Dow Jones Newswires had expected an
average net profit of EUR593.7 million.
Terna is scheduled to hold a conference call with analysts at 1530 GMT. The
focus will be on renewable projects as the Italian government scraps existing
generous incentives for photovoltaic energy and on the impact of the ongoing
political unrest surrounding projects in
North Africa
.
At 1313 GMT, Terna shares were down 0.1% at EUR3.38, while the FTSE Mib Index
was lower 1.5%.
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