Spain's Gas Natural reports higher quarterly profit

8th November 2011, Comments 0 comments

Spanish energy group Gas Natural announced Tuesday a 10.6-percent jump in quarterly net profits as it relied heavily on international sales.

Net profit rose 10.6 percent in the third quarter from the figure for the same period last year to 292 million euros ($402 million) in the third quarter of 2011, Gas Natural said in a statement.

Sales climbed 5.1 percent to 5.110 billion euros.

The group, which bought the Union Fenosa electricity supplier in 2009, managed to trim its heavy debt load to 17.35 billion euros at the end of September from 19.83 billion euros a year earlier.

Confronted with a tough market in Spain, Gas Natural said it was counting on a "growing, diversified contribution from its international presence" to help the overall performance.

© 2011 AFP

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