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LNG bunker player Enagas posts after-tax profit of EUR 269.1 million

Spanish firm managed to reduce its net debt by EUR 607 million in H1 2017.





Updated on 19 Jul 2017 09:38 GMT

LNG bunker player Enagas has posted a profit after tax of EUR 269.1 million for the first six months of the year.

The figure includes the accounting impact of the full consolidation of the Quintero LNG plant in Chile, included since January 2017, and means that net profit increased by 25.6 percent compared to the corresponding period last year.

Standalone net profit for the first half of 2017 - which does not include the impact of the full consolidation of the Quintero LNG plant - was EUR 217.6 million, a rise of 1.6 percent.

At the end of the first half of 2017, Enagas's standalone net debt totalled EUR 4.482 billion, which is a reduction of EUR 607 million in the first six months of the year. More than 80 percent of the debt is at a fixed rate and the average cost of the debt was kept at 2.3 percent, Enagas said.

Enagas added that it has no significant debt maturities until 2022, and that it is "in a solid financial situation that will allow it to continue to progress towards the achievement of its strategic targets".

In the first six months of the year, Enagas invested a net sum of EUR 202 million in projects.

Enagas is coordinator of the 'Core LNGas Hive' initiative, which aims to develop an LNG logistics network to promote the use of gas as a fuel for transport.

The project is co-financed by the European Commission and comprises more than 40 partners in Spain and Portugal.

In April, Enagas was involved in Europe's first supply of LNG as fuel directly from a regasification plant to a vessel when the Damia Desgagnes received 370 cubic metres (cbm) of LNG in Cartagena.

Enagas is also joint owner of Swedegas, which last year said it was planning to build an LNG terminal in east central Sweden.






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