Spain's Gas Natural posts quarterly fall in profits

3rd November 2010, Comments 0 comments

Spanish energy group Gas Natural, which bought electrical utility Union Fenosa last year, posted on Wednesday a fall in third-quarter net profit despite a recovery in demand in its home market Spain.

The Barcelona-based company reported a net profit in the July-September period of 264 million euros (368.6 million dollars), a 9.6 percent drop over the same time last year.

Net profits for the first nine months of the year rose 22.2 percent to 1.12 billion euros.

The company gave no reason for the fall in third-quarter net profits but said the jump in profits during the January-Sepetember period was due to "the recovery in energy demand in Spain".

The company generates about three-fifths of its revenues in Spain.

Earnings before interest, tax, depreciation and amortisation (EBITDA) -- a key measure of profitability -- rose 25.6 percent during the first nine months of the year to 3.53 billion euros "mainly as Union Fenosa was not fully consolidated until April 30, 2009."

© 2010 AFP

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