By Christopher Bjork
MADRID--Spain's Gas Natural SDG SA said Wednesday its
first-quarter net profit edged higher, as the country's largest gas
distributor got a boost from a recent acquisition in Chile.
In a regulatory filing, Gas Natural said net profit rose 0.5% to
404 million euros ($451.9 million) in the January-March quarter.
Earnings before interest, taxes, depreciation and amortization grew
almost 12% to EUR1.37 billion. Almost all of the growth in ebitda
came from Compania General de Electricidad, the Chilean firm Gas
Natural acquired last year.
The $3.3 billion purchase in Chile also helped boost quarterly
sales, which rose 16% on the year to EUR7.28 billion.
Profit growth at Gas Natural was lower than sales growth,
reflecting partly a drop in income from its regulated natural gas
operations in Spain following changes in legislation. It also sold
a telecommunications business recently, which had contributed to
results last year.
Write to Christopher. Bjork at Christopher.Bjork@wsj.com
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