Gas Natural 4Q Net Profit Rises on Prices, Demand and Divestments -- Update
February 07 2018 - 4:28AM
Dow Jones News
(Adds information on divestments and efficiency plan.)
By Marc Bisbal Arias
Gas Natural SDG SA (GAS.MC) said Wednesday that its
fourth-quarter net profit rose more than 35% on year, helped by
divestments as well as higher prices and demand.
Net profit was 567 million euros ($701.7 million) compared with
EUR417 million in the year-earlier period. Net sales rose to
EUR7.28 billion from EUR7.19 billion in the same period last
year.
Divestments had a positive impact on after-tax profit. Gas
Natural reached an agreement for the sale of a 59.1% stake in Gas
Natural SA ESP (GASNATURA.BO), a Colombian company that distributes
and supplies natural gas, for EUR468 million. The impact on
after-tax profit was EUR350 million.
Gas Natural said it supplied slightly less electricity in the
fourth quarter, but full-year figures were in line with last
year's. Higher electricity demand in mainland Spain increased in
the fourth quarter, as did the average price in the daily
power-generation market.
The Spanish company said it will pay a supplementary cash
dividend of EUR0.67 a share in June, following the interim cash
dividend of EUR0.33 a share it paid in September. Gas Natural said
that, in line with its policy, it would allocate EUR1 billion of
its 2017 income to dividends.
Gas Natural also said it has started a new efficiency plan for
2018-2020.
Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com
(END) Dow Jones Newswires
February 07, 2018 04:13 ET (09:13 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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