Spanish power utility Endesa SA (ELE.MC) Monday said first-quarter net profit rose 4.6%, boosted by a surge in profits for its Latin American business.
Endesa, Spain's largest power utility by market share, said revenue grew at an annual rate of 28% in the quarter, though margins suffered due to surging costs. Endesa' costs of generating electricity increased by 67%, due to higher oil prices and the purchase of carbon dioxide emissions rights. Endesa is controlled by Spanish infrastructure and energy company Acciona SA (ANA.MC) and Italian power utility Enel SpA (ENEL.MI), with a combined 92% stake.