Gas Natural Fenosa has a net profit of 1.1 billion euros between January and September 2011
The Catalan energy company reduced its debt to 54.4%, thanks to disinvestments. Gas Natural Fenosa ended the first nine months of the year with a net profit 0.3% lower than that in the same period in 2010. However, taking into account the effect of the disinvestments, the net profit increased by 11.6%.
Barcelona (ACN).- Barcelona-based Gas Natural Fenosa released its results for the first nine months of 2011 on Tuesday. Between January and September, the energy multinational had a net profit of 1,114 million euros, which represents 0.3% less than the same period in 2010. According to the Catalan company’s press release, the figure is lower due to a reduction in capital gains investments. The first nine months of 2011 reached 901 million euros, 2.7% less than in the same period in 2010. The company’s financial debt has been significantly reduced, passing from the 60.1% ratio in September 2010 to 54.6% in the same month of 2011. Gas Natural Fenosa was set up at the end of the third quarter of the year at 17,349 million euros. The company wanted to stress its “strict” financial discipline, in order to make an important effort to reduce its debt while keeping a similar level of net profits (representing only a reduction of 0.3% compared to the previous year). However, taking into account the effect of the disinvestments, the net profit increased by 11.6%.
The EBITDA (earnings before interest taxes depreciation and amortization) grew by 0.5% compared to the period from January and September 2010, and reached 3.539 billion euros.
Besides, Gas Natural Fenosa Renovables, the group’s branch focusing on renewable energies, ended September with 1,601 MW of power installed, after increasing its share in several wind energy companies. Power production during the fist nine months of 2011 reached 1,729 GWh, which represents a decrease of 2.9% compared to the same period in 2010. The reason for this decrease is last year’s atypical climatic conditions: 2010 was wetter and windier than average and for that reason the amount of energy generated was higher than normal. Gas Natural Fenosa Renovables’ EBITDA grew by 10.2%, reaching 97 million euros.