Gas Natural Fenosa earns €411 million in the first quarter of 2013, 1% more than a year ago

Barcelona (ACN).- The Barcelona-based energy company Gas Natural Fenosa posted a profit of €411 million for the first quarter of the year, representing 1% more than the result obtained in the same period last year, according to data released on Tuesday by the Catalan multinational. The international business of Gas Natural Fenosa has been the main driving force behind the first quarter’s profit increase, compared to a year ago. The Catalan company’s EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) which come from its international business increased by 8.1% and represented 44.1% of Gas Natural Fenosa’s total consolidated turnover during the first three months of the year. At the same time, the EBITDA coming from the Spanish market dropped by 2%. By the end of March, it represented 55.9% of the company’s revenue. Gas Natural Fenosa’s total consolidated EBITDA reached €1.33 billion, 2.2% higher than that from the first quarter of 2012. The company’s debt levels reached 50.9%.

According to the company’s explanation provided to the Spanish Stock Exchange Regulation Authority, Gas Natural Fenosa’s results have been favoured by the international activity and by “the balance of its business profile”, which have enabled the multinational “to neutralise the stagnation of its Spanish business” (due to the economic crisis) and “the impact of Law 15/2012” regarding electricity generation in Spain.

The EBITDA of natural gas supply and commercialisation increased by 31.6% and reached €250 million, mostly because of the increase in operations undertaken abroad.