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Spain’s Endesa posts 45% jump in profit as cost savings…

MADRID, July 28 – Spanish utility Endesa SA on Tuesday posted a 45% jump in first-half net profit buoyed by savings after reaching a collective-bargaining agreement with staff.

The pandemic hit demand but lower wholesale prices helped offset this, Endesa said, adding it expected no additional significant impacts in the second half of the year.

The company, which is controlled by Italy’s Enel, reported a net profit of 1.13 billion euros ($1.33 billion) versus 776 million a year earlier.

Excluding the savings from the collective-bargaining deal, net profit would have been 861 million euros, the company said.

Endesa will maintain its dividend policy, it said.

($1 = 0.8524 euros) (Reporting by Inti Landauro; editing by Jason Neely)

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