Italian energy firm Enel has reported that its 2009 earnings hiked 2 percent on revenues gained from its overseas investments. According to company data, its full-year net profit rose to EUR 5.39 billion from EUR 5.29 billion a year earlier. Revenues were up 4.7 percent to EUR 64 billion. “With the completion of our international expansion program and the increasing integration of the assets acquired, Enel is now a leader in its key markets,” said Fulvio Conti, Enel’s CEO. The company is active in Italy, Russia, Spain, Latin America, France, Slovakia and Romania. It also proposes cutting its dividend in half to 25 cents a share to reduce its debt, which rose to EUR 50.87 billion last year with the acquisition of Spain’s Endesa.
Conti said Enel would look at a possible IPO of its minority stake in Enel Green Power between June and October “depending on the market conditions.” The firm is planning to sell its Spanish high voltage grid by the end of June.