Italy's Iren first-half operating profit jumps 13% despite energy sales dip

(Reuters) - Italian energy, gas and water utility Iren posted on Monday a 13.1% jump in half-year operating profit to 280.6 million euros ($304 million) despite a dip in energy sales.

The Reggio Emilia-based group reported a 16.1% year-on-year decline in first-half revenue to 2.70 billion euros due to lower commodity prices, reduced consumption and climate effects.

Earnings before interest, taxes, depreciation and amortisation rose 4.8% to 606.5 million euros, helped by a 49.2% jump in hydroelectric production that offset a 31.6% drop in electricity prices compared with the first half of last year.

The regional utility also confirmed its guidance for 2024.

($1 = 0.9245 euros)

(Reporting by Romolo Tosiani; Editing by Emelia Sithole-Matarise)