May 12, 2020 / 11:30 AM / 23 days ago

BRIEF-Iren Q1 Group Share Net Profit Down At EUR 83.8 Mln

May 12 (Reuters) - Iren SpA:

* Q1 REVENUE EUR 1.08 BILLION VERSUS EUR 1.28 BILLION YEAR AGO

* INVESTMENTS OF 130 MILLION EURO (UP +52%), MAINLY ALLOCATED TO REGULATED SECTORS

* Q1 NET PROFIT EUR 89.5 MILLION VERSUS EUR 106.6 MILLION YEAR AGO

* SYNERGIES OF 3 MILLION IN EBITDA, NET OF EMERGENT COSTS

* Q1 GROUP SHARE NET PROFIT EUR 83.8 MILLION VERSUS EUR 100.0 MILLION YEAR AGO

* COVID-19 EMERGENCY IN ITALY COULD HAVE A LIMITED IMPACT ON GROUP’S ACTIVITIES

* ORGANIC GROWTH OF 9 MILLION IN EBITDA, SUPPORTED BY ALL BUSINESS SECTORS, IN ADDITION TO 18 MILLION IN EBITDA FROM AN INCREASE PROFITS FOR MARKET BU

* FORESEES AN EFFECT ON WORKING CAPITAL FOLLOWING INTERRUPTION OF NEW ACTIONS TO SUSPEND/REDUCE SUPPLIES DUE TO ARREARS FROM 9 MARCH

* PERSISTENCE OF NEGATIVE SITUATION COULD LEAD TO DETERIORATION IN CREDIT CONDITIONS AND NECESSITY TO FURTHER ADJUST PROVISIONS FOR BAD DEBT TO VALUE OF EXPECTED LOSSES

* EXPECTS CHANGES TO TARIFFS WILL HAVE NEGATIVE IMPACT ON EXPECTED PROFITS

* EXPECTS ACQUISITION OF NEW CUSTOMERS COULD SLOW DOWN AND SALES VOLUMES COULD BE REDUCED Source text: bit.ly/3cpFJ0Z Further company coverage: (Gdansk Newsroom)

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