Italy's Hera Q1 EBITDA grows as market stabilises

Hera SpA

14/05/2024 12:05

May 14 (Reuters) - Italian utility Hera  HRA.MI  posted
a 1.7% annual increase in first-quarter core profit (EBITDA) to
417.1 million euros ($450.22 million) as the market stabilised
from last year, it  said on Tuesday.
    The group, which sells gas, electricity and water to the
Italian market, said the reported core profit (EBITDA) included
a downward adjustment for 2023 based on the valuation of stocked
gas.
    "This good performance is the result of the Group's
consolidated multi-business strategy, balanced between regulated
and free-market activities," the group said in a statement.
    In February, Hera was awarded in seven areas of Italy
customers who will exit the country's regulated price regime for
electricity at end-June without picking a free-market supplier,
the body organising the auction for the liberalisation of the
market had said.
    Quarterly revenue dropped 41.6% to 3.29 billion euros ($3.55
billion), mainly due to lower energy commodity prices and
trading activities, Hera said.

($1 = 0.9264 euros)

 (Reporting by Alessandro Parodi in Gdansk; Editing by Kirsten
Donovan)
 ((alessandro.parodi@thomsonreuters.com))