Acea 9-month profit up, 2008 target maintained

MILAN, Nov 10 (Reuters) - Italian utility Acea SpA's (ACE.MI: Quote, Profile, Research) core profit rose 22.6 percent to 438.5 million euros in the first nine months of the year, partly boosted by higher electricity tariffs and new capacity coming on line.

Acea, the country's second-biggest local utility by market capitalisation, said in a statement on Monday it expected to achieve the full-year targets set out in its 2008-2012 business plan.

The plan, presented in November 2007, set a 2008 target of 611 million euros for core profit, or earnings before interest, tax, depreciation and amortisation (EBITDA).

Controlled by the city of Rome, Acea is about 9 percent owned by France's Gaz de France Suez SA (GSZ.PA: Quote, Profile, Research).

Net profit in the first nine months rose 4.4 percent on the same period a year ago to 110 million euros.

Revenues were up 26.6 percent at 2.29 billion euros, boosted by its water business and an increase in the volumes of power sold to customers. (Reporting by Stephen Jewkes; editing by Simon Jessop)