Italy's Enel Green Power SpA (EGPW.MI), a renewable energy company, said
Tuesday its third-quarter net profit fell 36.4% compared with the same period a
year ago due to the so-called "Robin Hood" austerity tax, as well as
charges for debt restructuring.
The company said net profit was EUR63 million euros, down from EUR99 million a
year ago.
The charges for the Robin Hood tax--an austerity tax levied on energy companies
by
Italy
's
government--were EUR20 million in the third quarter, the company said.
Earnings before interest and taxes, or EBIT, were EUR167 million, down 8.7%
from EUR183 million a year ago.
Revenue was EUR525 million, down 3.1%. The increase in income from electricity
generation was more than offset by a decline in sales of photovoltaic material.
The
company confirmed its full-year financial targets.