The company reported net profits of €68.7Mn, a year-on-year increase of 6% and in line with forecasts
Enagás put €900Mn worth of assets into operation in the quarter. At 31 March 2009, 82% of the investment necessary to bring projects pending commissioning on stream was already complete
The weighted average cost of capital (WACC) stood at 3.25% in the quarter compared with an average cost of 4.62% in 1Q08
First quarter results are in line with the Company’s guidance for 2009
Enagás invested €365MN in the first quarter of 2009 compared with €156.9Mn in the same period a year earlier. This is a new quarterly record and in line with the company’s guidance for the year, which point to total investment of €900MN.
During the first quarter of the year the company put into operation €103.9Mn worth of assets. The most important projects included the Lemona-Haro pipeline, the first turbo compressor at the Lumbier compressor station, and the extension of the Haro compressor station. At 31 March 2009, 82% of the investment necessary to bring projects pending commissioning in 2H09 on stream was already complete. The Company plans to put €900Mn of assets into operation in 2009.
