Gas Natural Fenosa had a net profit of €1.325 billion in 2011, a 10.3% increase on 2010

Barcelona (ACN).- The Catalan Gas Natural Fenosa, which has its headquarters in Barcelona, obtained a net profit of €1.325 billion in 2011, 10.3% more than last year. According to a company press note released on Tuesday, the increase is due to the strong growth in its international commercial gas activity, especially the development of its activity in Latin America and the synergies resulting from the merger between Gas Natural and Unión Fenosa. In addition, debt reduction and financial cost stabilisation helped to balance their books and compensate the lower financial gains registered last year for asset sales. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amartization) rose 3.8%, reaching €4.645 billion, 40% of which came from Gas Natural Fenosa’s international business.

The Barcelona-based company's international operations grew by 10% last year and already represent 40% of Gas Natural Fenosa’s EBITDA. This increase is due to a significant growth of its gas commercialisation activities and business development in Latin America. According to the company, the growth follows the pattern set in the Gas Natural Fenosa’s Strategic Plan for 2010-2014.

The total amount of the company’s regulated gas and electricity distribution activities represented 56% of the 2011 EBITDA, while electricity-related activity in Spain accounted for 17.4% of the total. Investments reached €1.514 billion, a decrease of 2.5% compared to 2010 figures, due to the competition of the construction programme of combined cycle power plants.