Gas Natural Fenosa posts lower H1 profit

Spanish LNG operator Gas Natural Fenosa reported a lower net profit of 645 million euros ($709m) in the first half of this year when compared to the same period a year ago.

The company’s net profit was 6.5% less in “like-for-like terms, i.e., disregarding the effect of currency depreciation and the non-recurring positive impacts of the first half of 2015,” GNF said on Wednesday, adding that the result is in line with the forecast.

EBITDA for the first six months of the year reached 2.46 billion euros, down 0.4% from the same period the previous year. EBITDA for the six-month period was affected by a “very demanding environment for energy and macroeconomics, in which exchange rates had a negative impact of 114 million euros, GNF said.

According to GNF, EBITDA from the company’s infrastructure business, which includes integrated LNG projects came to €146 million at the end of the first half, up 2.1% mostly due to the 3% increase in the international transport tariff of the Maghreb–Europe gas pipeline.

1 Euro = 1.09975 U.S. dollars




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