Gas Natural Fenosa net profit up 19.5 pct

Gas Natural Fenosa achieved a net profit of €932 million during the first six months of 2014, up 19.5% on the same period from the previous year.

These profit figures include the capital gains on the sale of GNF Telecomunicaciones early in the month of June, which came to €252 million.

Once adjustments are made having regard to the above, net profit would be down by 2.7% owing to the impact of RDL 9/2013 and the FX depreciation, mainly in Latin American currencies, when they are booked in EUR. The company’s business profile, diversification of activities, sound overseas operations and strict financial policy enabled it to partly offset the variety of macroeconomic and regulatory impact experienced during this period.

Consolidated EBITDA stood at €2,421, down 3% on the same period from the previous year, despite a significant cost-containment efforts.