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LIVE

Monday, 21 July, 2008, 01:10 GMT | more prices >>

Gas Natural rakes in the cash

By Upstream staff

Spanish energy company Gas Natural has reported a 12.3% rise in 2007 net profit, matching market expectations.

Gas Natural booked a profit of €959.4 million ($1.42 billion), boosted by wholesale and retail gas operations.

A poll of 22 analysts by Reuters Estimates had predicted average net profit of €960 million.

Gas Natural said its core profit (EBITDA) rose 19% to €2.28 billion despite volatile exchange rates and international energy prices

Gas Natural said its upstream and midstream businesses saw core profit fall 13% to €157.5 million, mostly hurt by unfavourable exchange rates and lower gas transport activity both by pipeline and tankers.

Spanish producer Repsol YPF and savings bank La Caixa between them control over 60% of Gas Natural.