Gas Natural Fenosa income slides despite rising LNG sales

Spanish LNG operator Gas Natural Fenosa reported drops in profit for the third quarter and the nine-month period of 2017. 

The company reported a €243 million ($280.9 million) income for the third quarter, 14.7 percent lower than in the corresponding quarter in 2016. It also posted a 14.7 percent drop in net income for the January-September period, recording €793 million as compared to €930 million in 2016.

Gas Natural Fenosa’s capital expenditure and intangible assets reached €1.1 billion in the first nine months, a 13.2 percent decrease with respect to the corresponding period in 2016, due to recognition in 2016 of €206 million for the acquisition of a new LNG tanker under a finance lease.

Wholesale supply of gas by Gas Natural Fenosa for the January-September period totaled 240,118 GWh, an 11.5 percent increase, due to the 26.1 percent rise in international business driven particularly by international LNG supply.

Wholesale supply of gas for the quarter under review edged up 8.6 percent from 71,540 GWh in 2016 to 77,283 GWh.

Wholesale supply of LNG internationally jumped 48.7 percent and 65.9 percent for the nine-month and third quarter period, respectively. During the nine months Gas Natural Fenosa’s wholesale supply of LNG internationally reached 85,933 GWh, and 30,330 for the third quarter.

1 EUR = 1.15615 USD