Gas Natural's Q1 earnings above expectations
Spanish gas utility Gas Natural cited surging growth in Latin America as the main driver of its rise in earnings for the three months to March 31, 2006.
The utility, which has made the headlines in recent times as a result of its increasingly bitter battle to buy compatriot power firm Endesa, said Q1 EBITDA rose by 29.3% to E507.9 million when compared to the same period a year ago. This figure was slightly above market expectations, which Reuters suggests were in the region of E488 million. Net profit was up by 16.3% at E276.7 million, helped by strong returns in its Spanish electricity business and gas distribution in Latin America. The company declined to give any further details on its bid for Endesa, which is currently in limbo after a Spanish court agreed to Endesa's appeal against it.
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