Gas Natural Fenosa’s net income up 1 pct

Image courtesy of Gas Natural Fenosa

Spanish LNG operator Gas Natural Fenosa reported a net profit of 1.36 billion euros ($1.67 bln) in 2017,  a rise of 1 percent as compared to the year before, boosted by higher prices and demand.

Earnings before interest, taxes, depreciation and amortization (EBITDA) reached 3.9 billion euros, down 16.1 percent on year, due to interruptions in the gas distribution and marketing businesses in Italy, gas distribution in Colombia, electricity distribution in Moldova, and power generation in Kenya, the company said in its report.

Over 2017, the company carried out a strategic review of its business portfolio involving divestments with a total sale price of 2.7 billion euros and capital gains over 540 million euros, realised from December 2017 to the first quarter of 2018.

From January to December, wholesale gas supply reached 334.65 terawatt hours (TWh), an increase of 12.1 percent, mainly due to the contribution from international operations which reached 183.97 TWh, driven by international LNG sales, GNF said.

Worth mentioning, the Spanish company also this week announced it named Francisco Reynés as new chief executive and chairman of the company’s board in a major leadership reshuffle.

Reynes will replace Isidro Fainé Casas who served as president of Gas Natural Fenosa since 2016.

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