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UPDATE 2-Italy's Terna H1 net up 6.2 pct, eyes acquisitions

Wed Jul 30, 2008 11:19pm IST
 
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(Adds CEO comments, closing share price)

By Ian Simpson

MILAN, July 30 (Reuters) - Italian power grid Terna SpA (TRN.MI: Quote, Profile, Research) posted a 6.2 percent rise in first-half net profit on Wednesday, helped by higher output, and said would look at planned network sales in Germany for potential acquisitions.

Terna said it expected positive results in the second half of the year because of higher volumes, as well as a slight upturn in earnings before interest, tax, depreciation and amortisation (EBITDA).

Terna's net profit was 216.1 million euros ($336.8 million). EBITDA rose 1.7 percent to 479.2 million euros.

Terna is closely following planned sales of German high-voltage grids by E.ON AG EONG.DE and Sweden's Vattenfall AB [VATN.UL] for possible acquisition opportunities, Chief Executive Officer Flavio Cattaneo said.

"We are looking closely at developments to take advantage of this new and evolving scenario. We think Terna has the potential to be an active player in the European consolidation arena," he said on a conference call.

How and when the German sales would be carried out was unclear "but surely there will be a strong news flow in 2009", Cattaneo said.

E.ON is carrying out the sale to appease the European Union in a cartel case. Vattenfall said this month it was about to talk to potential investors about a sale.  Continued...

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