Gas Natural Fenosa reports drop in profit

Gas Natural Fenosa reports drop in profit
Image courtesy of Gas Natural Fenosa

Spanish LNG operator Gas Natural Fenosa reported a first-quarter profit of 298 million euros ($328.3), a 9.4 percent drop compared to the corresponding quarter in 2016. 

The company’s investment jumped 24.9 percent in comparison to the same period 2016, reaching 321 million euros ($353.6 million).

GNF’s wholesale supply of natural gas in the January-March period reached 84,367 GWh, an increase of 11 percent, mainly due to the contribution of international business (+14 percent), which reached 43,931 GWh, highlighting the momentum of international LNG supply.

Wholesale supply of reached 23,490 GWh in the first quarter, rising 29.5 percent from the 18,144 GWh in the corresponding quarter in 2016.

The company noted in its report it is still focused on strengthening its position in the international LNG markets.

According to GNF’s website, the company has a supply portfolio of 30 bcm, and has a fleet of nine LNG tankers with a total capacity of 1.4 million cubic meters.

1 EUR = 1.10167 USD

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