Ence says 2022 net profit to get 169 mln euro boost from court ruling

ENCE Energia y Celulosa SA

08/02/2023 13:51

MADRID, Feb 8 (Reuters) - Spanish paper pulp and power
company Ence Energia  ENC.MC  estimated on Wednesday a
favourable ruling issued by the Supreme Court will boost its
2022 net profit by 169 million euros ($181million).
    Ence is due to release its annual results on Feb. 28. 
    The company had said on Tuesday the Supreme Court had
overturned a previous ruling that had ordered Ence to close its
cellulose production plant located in Pontevedra, in
northwestern Spain. 
    The news sent the shares up 27% on Tuesday. 
    Environmental campaigner Greenpeace Espana and Pontevedra's
city council had tried to block the extension of the concession
of the plant located on public land by the sea.
    ($1 = 0.9321 euros)
 (Reporting by Tiago Brandao; editing by Inti Landauro and Jason
Neely)
 ((Tiago.Brandao@thomsonreuters.com;))