MILAN (Thomson Financial) - Snam Rete Gas SpA said on Wednesday first
quarter net and operating profits rose compared to a year earlier, as
transported gas volumes rose 7.3 percent on strong thermoelectric demand and
higher residential consumption.
Net profit rose 12.7 percent to 133 million euros, topping analysts
expectations for 130 million to 132 million, and EBITDA rose 3.3 percent to 375
million euros, matching expectations for between 373 million and 378 million, it
said.
Revenues rose 5.4 percent to 485 million euros, in line with expectations.
Investments rose 133.3 percent to 217 million euros in the quarter.
"The first quarter of 2008 has seen significant growth in investments and a
rise in the volume of gas transported. This was driven by steady growth of
demand in the thermoelectric sector and greater consumption by residential
customers," said chief executive Carlo Malacarne in a statement.
Looking ahead, Snam RG, which operated the bulk of Italy's gas
infrastructure, said said domestic natural gas demand is seen rising more than 2
percent a year on average in the period from 2008 to 2011, thanks to
thermoelectric consumption.
Investments are seen at 4.3 billion euros in the 2008 to 2011 period.
danilo.masoni@thomsonreuters.com
dm/ajb
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|