Italian energy company Edison SpA (EDN.MI) said Friday its first-half net profit rose 20% on year after 2008 earnings were hit by special tax charges.
In a statement, Edison, which is working on building a pipeline to bring Caspian natural gas into the European Union, said its first-half net profit was EUR122 million, compared with EUR102 million posted in the first six months of last year.
Edison said its earnings before interest, taxes, depreciation and amortization, or Ebitda - a figure analysts closely watch - dropped to EUR732 million from EUR809 million a year earlier. Revenue was EUR4.82 billion, or 7.8% lower than in 2008.
A survey of seven analyst analysts polled by Dow Jones Newswires had expected an average first-half net profit of EUR132.4 million on revenue of EUR5.19 billion. Ebitda was expected to average EUR725 million.
The Milan-based company, which is controlled by A2A SpA (A2A.MI) and Electricite de France SA (EDF.FR), said first-half earnings were also hurt by lower revenue as Italy's recession reduces demand.
Edison is scheduled to hold a conference call Friday at 1330 GMT.