MADRID (Reuters) -Spanish power utility Endesa said on Wednesday that it is on track to meet its targets for the year after a recovery in its gas business helped net profit for the first nine months rise 33%, surpassing analysts’ expectations.
The company, owned by Italian energy giant Enel, posted a net profit of 1.4 billion euros ($1.51 billion) for the period, compared with 1.06 billion euros a year earlier and expectations of 1.3 billion euros.
The group, which will give a strategic update on Nov. 19, expects the outcome of a $700 million arbitration case related to a price review of a long-term liquefied natural gas supply contract in Nigeria by the end of the year.
($1 = 0.9241 euros)
(Reporting by Pietro Lombardi, editing by Inti Landauro and David Latona)
