Enagas logs lower profit in Q1

Spanish LNG terminal operator Enagas reported a 22 percent decline in the firm’s quarterly net profit and it expects full-year profit to drop as well.

Net profit dropped to 92.9 million euros ($112 million) in the first quarter, compared to 119.1 million euros in the same period last year, according to Enagas.

The firm also said it expects profit of around 380 million euros for the entire year. This would mark a decline of 14 percent when compared to 444 million euros net profit last year.

Revenue in the first quarter also fell 15 percent to 240.6 million euros due to new regulations in Spain which lowered fees, and the termination of the Al-Andalus and Extremadura contract, Enagas said.

In addition, Spanish natural gas demand dropped 2.3 percent in the January-March period when compared to last year. Natural gas demand reached 99.3 TWh during the period, Enagas said.

The company has four regasification plants in Barcelona, Huelva, Cartagena and Gijon. It also owns 50% of the BBG regasification plant in Bilbao and 72.5% of the Sagunto plant.

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