The REN – National Energy Networks closed the first quarter with a profit of 39.4 million euros, 49.8% more than in the same period last year, the company said in a statement to the market.
In the presentation of its quarterly accounts, the company chaired by Rodrigo Costa reveals that carried out the sale of its stake in Enagas Spanish counterpart, operation that provided the REN a gain of 20.1 million euros, which increased net income for the quarter.
This extraordinary income was, however, offset by the negative impact of the extraordinary contribution of the Energy Sector (EESC) and the lower returns associated with the remuneration of its regulated assets, either electricity or natural gas.
In the first quarter of this year, compared to the same period 2014, REN saw their pay electricity in the fall of EUR 11.1 million, and revenues in the natural gas down 1.7 million euros.
In a recurring basis without the extraordinary effects (such as the sale of the stake in Enagas), REN’s profits until March would have been 30.3 million euros, less than 8.8% last year.
In the first quarter, the company still reported a 12% decline in its investment, to 8.4 million euros, while net debt remained stable at around 2370 million.
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