By Giulia Petroni 
 

Naturgy Energy Group SA said Wednesday that net profit dropped in the first nine months of the year as results were hurt by the coronavirus pandemic hitting energy demand, and foreign currency effects.

The Spanish energy company said net profit for the period was 490 million euros ($579.3 million) compared with EUR901 million a year earlier.

Earnings before interest, taxes, depreciation and amortization fell to EUR2.77 billion from EUR3.33 billion, it said, but the company is still on track to deliver on its Ebitda guidance of EUR4 billion in the full year.

Net sales were down 25% on year to EUR12.80 billion.

Naturgy said results were hurt by a new regulatory framework and lower remuneration in electricity distribution in Spain.

The company also suffered a hit from Covid-19 on power and gas demand across markets as well as the depreciation of Latin American currencies against the euro. This had a negative effect of EUR151 million on Ebitda and EUR38 million on profit, Naturgy said.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

October 28, 2020 04:20 ET (08:20 GMT)

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