Spain: GNF Profit Slightly Up

Up to September, Gas Natural Fenosa (GNF) of Spain achieved net profit of 1.120 billion euros, 0.4% more than the same period the previous year.

The company’s business profile, its growing international presence and a strict financial policy made up for the stagnation in the contribution made by the businesses in Spain, due to the impact of Law 15/2012 on tax measures for generation and RDL 9/2013 on electricity generation and distribution activities.

Consolidated EBITDA was 3.865 billion euros in the first nine months, 1% higher than the same period last year, despite a harsh macroeconomic, energy and regulatory climate, and thanks to a good balance between the regulated and liberalised gas and electricity markets, and the growing and diversified contribution of the international presence.

Unión Fenosa Gas

The EBITDA for Unión Fenosa Gas, in which Gas Natural Fenosa holds more than a 50% stake, contributed 92 million euros to the group’s consolidated results in the first nine months of 2013.

The gas supplied (100%) in Spain totalled 35,193 GWh between January and September 2013.

Furthermore, 14,674 GWh of energy were managed in international sales operations.

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LNG World News Staff, November 5, 2013; Image: GNF