Allowing the company to meet forecast of flat net profit growth for 2012
Cost containment remains crucial to meeting targets
Enagás reported net profit of €281.4Mn for the first nine months of 2012, up 3.9% on the €270.8Mn obtained in the same period in 2011. This is in line with the target to maintain net profit for the year similar to the 2011 figure.
Like-for like operating expenses grew just 0.9% vs. the same period the previous year, while total revenue advanced 5.6%. This demonstrates the company’s commitment to tightening its grip on operating and finance costs.
Enagás invested €647.9Mn in 9M12 and commissioned €895.3Mn worth of assets. Both of these figures are well above the guidance released at the beginning of the year, largely due to the investment in the Quintero LNG plant and the start up of the Yela Underground Storage facility in Guadalajara.