REN Profit Drops

REN, operator of the Sines LNG terminal, recorded a profit of EUR 26.3 million in the first quarter of 2014, in line with the company’s expectations. This profit is 9.6% down on the result of the same period of 2013.

The special tax on the energy sector for 2014, created by the Portuguese State, impacted on the financial results. Subtracting this non-recurring impact, net profit would have been EUR 33.3 million, equivalent to an increase of 11.4%. EBITDA fell slightly to EUR 126.5 million (-0.7% than the same period of 2013).

Emílio Rui Vilar, REN CEO, highlighted that the results of the first quarter of 2014 “reflect an improvement in the average cost of debt thanks to the recent refinancing process.” The REN CEO further stated that “the privatisation of the remaining 11% to be undertaken in the second quarter will significantly contribute to improving our shares’ liquidity.”