The National Energy Network (REN) had a net profit of 6.1 million euros between January and March, down 70% over the same period last year, said Friday the company.
“This evolution was influenced by the capital gain obtained in 2015 in the sale of REN’s stake in Enagas (EUR 16.1 million), penalized by the continued payment of the extraordinary contribution of the energy sector approved at the State Budget 2016 (EUR 25.9 million), “he stressed REN in a statement sent to the Portuguese Securities Market Commission (CMVM).
Already a recurring basis, the company’s profit rose 5.6% to 32 million euros in the first quarter, “the result of improving the ‘performance’ financial group (4.3%), supported by the decrease in average cost of debt,” reads the document.
Moreover, net debt increased by 4.3% to 2.4732 billion euros.
the sale of the Enagas also explains the decline of 12.4% to 121.1 million euros in EBITDA (operating profit).
The investment (CAPEX) in the period rose 35.2% to 11.3 million euros in the period.
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