Spain: Enagas’ Net Profit Up 6.2 Percent

Enagás reported net profit of €270.8Mn for the first nine months of 2011, 6.2% more than the €254.9Mn registered in the same period in 2010.

EBITDA, meanwhile, totalled €654.7Mn, 11.3% higher than the year-earlier figure of €588.1Mn.

This earnings growth has been driven mainly by the Company’s ongoing hard work to bring down operating and financial costs.

Figures for the January to September period in 2011 include the proportional consolidation of 40% of the BBG regasification plant in Bilbao, the Gaviota underground storage facility from 1 January 2010 and the proportional consolidation of 40% of the proforma balance sheet of the Altamira regasification plant, owned by the Company since 13 September.

“These figures indicate that Enagás is on track to meet its full-year targets for the fifth consecutive year, despite the challenging economic environment“, Enagás said in a press release.

1 Euro = 1.3899 U.S. dollars

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Source: Enagás, October 25, 2011