Spain: Enagas Net Profit Up 9.3 Percent

Enagás reported full year 2011 net profit of €364.6Mn, a 9.3% increase on the €333.5Mn reported in 2010.

EBITDA totalled €885.5Mn at 31 December 2011, 13.4% higher than the previous year’s figure of €780.8Mn.

“This earnings performance was due mainly to the Company’s efforts to improve efficiency and to non-recurring revenues from the acquisition of assets from third parties. 2011 figures include the proportional consolidation of 40% of the BBG regasification plant in Bilbao, 40% of the Altamira regasification plant in Mexico, and the inclusion of the Gaviota underground storage facility from 2010. Factoring in the impact of this acquisition from 2011, EBITDA would have grown 12.1%,” the company said in a statement.

Like-for-like operating expenses rose only 2.7% compared to 2010, evidencing the strict cost control policy being implemented by the Company.

“Despite the unfavourable environment, Enagás has surpassed all of its guidance for the fifth consecutive year,” the company said.

[mappress]

LNG World News Staff, February 7, 2012