Gas Natural Fenosa earns 407 million euros during the first quarter, 5.2% more than in 2011
The Catalan company counterbalanced its fall in the Spanish market with benefits from international sales. Foreign market activity contributed 42% of the profit from the first quarter to Gas Natural Fenosa, in contrast to 36.6% in 2011.
Barcelona (ACN).- Barcelona-based Gas Natural Fenosa made a 5.2% net profit increase in the first quarter of 2012 in comparison to the same period a year ago. Between January and March, the firm made a 407 million euro profit. The company counterbalanced a 13.7% fall in the Spanish market through the promotion of its activities in the international market along with a strict policy focused on containing costs. Foreign market activity contributed 42% of the profit from the first quarter to Gas Natural Fenosa.
The impulse from Latin America
The contribution from international markets is still growing and represents 42% of profits in contrast to 36.6% in 2011. The activity of supplying electricity in Latin America, focused on Colombia, Nicaragua and Panama, increased by 19%. The distribution of gas in Latin America, where its main markets are Brazil and Colombia, also grew by 3.5%.
YPF, a subsidiary of the Spanish company Repsol, which is very present in Latin America like Gas Natural Fenosa, was expropriated by the Argentinean government in April. In reference to the news, Rafael Villaseca, Managing Director of Gas Natural Fenosa, said that they are not worried about it and do not believe that a similar situation could happen to them.