Gas Natural Fenosa’s H1 profit slides

Spanish LNG operator Gas Natural Fenosa reported a €550 million ($640.4 million) profit for the first six months of 2017, 14.7 percent lower than in the first half of 2016. 

The company invested €737 million in capital expenditure and intangible assets, a 17.2 percent increase on the same period in 2016, primarily due to increased investments in gas and electricity distribution in Latin America, and the electricity business.

Between January and June, wholesale supply of gas by GNF reached 160,943 GWh, an increase of 13.2 percent, mainly due to the contribution of the international business (+24.1 percent), which reached 86,141 GWh, thanks to the momentum of international LNG supply.

Wholesale supply of LNG internationally jumped 43.5 percent from 34,064 GWh in the first six months of 2016 to 48.866 GWh for the period under review.

According to GNF’s website, the company has a supply portfolio of 30 bcm, and has a fleet of nine LNG tankers with a total capacity of 1.4 million cubic meters.

1 EUR = 1.16432 USD