Enagás net profits up slightly

Enagás has announced a 0.5% increase in net profit in 1Q16 to €101.2 million, compared to the corresponding period of last year. This result is in line with the objectives that the company set for the year.

Enagás attributed the increase to the contribution of stakes acquired in 2015.

The company’s net borrowing stood at €4.146 billion at the end of 1Q16, and financial resources totalled €2.330 billion. Enagás said that it is in a solid financial situation to continue moving towards the achievement of its strategic targets.  

During 1Q16, the company invested a total of €71.9 million, with investment in Spain totalling €11.7 million. Ongoing international projects accounted for the remaining €60.2 million.

At the end of March 2016, Enagás signed an agreement for the acquisition of a 1.64% stake in Transportadora de Gas de Perú (TgP) from the Peruvian company Graña y Montero for a total of US$31.9 million. The agreement, which is subject to the possible exercise of the right of first refusal by other shareholders, would involve increasing Enagás' stake in TgP from 24.34% to 25.98%.

Enagás added that the conventional demand for natural gas in Spain for domestic-commercial and industrial consumption grew by 1% in 1Q16 compared to the same period in 2015. The company attributed the increase to the 1.8% growth in demand for gas in industry.

Edited from press release by Callum O'Reilly

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