Spain: Enagas 1H Profit Up 7 Pct

Enagás of Spain reported a net profit of €185.5Mn in the first half of 2012, leaving it on track to meet guidance of flat growth for the full year.

This marked a 7% increase from €173.4Mn in the first half of 2011 and was driven by the contribution from the Gaviota underground storage facility and the Altamira regasification plant, which were not included in the same period last year.

Net profit growth should ease in the second half, ending 2012 around the same level as last year.

Operating costs grew just 2.7% like-for-like compared to the first half of 2011,  showing that the company is maintaining a tight grip on operating and finance costs.

[mappress]
LNG World News Staff, July 24, 2012