UK Markets close in 5 hrs 41 mins

Enagas sees 2021 profit falling 14% mainly on lower fees in Spain

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

MADRID (Reuters) - Spanish gas grid operator Enagas said on Tuesday its net profit is likely to fall 14% in 2021 from the previous year, mainly due to new regulations which forced lower fees in Spain.

The company said its net profit is likely to end the year at 380 million euros ($458.17 million) down from 444 million euros in 2020 after net profit in the first quarter fell 22% from a year earlier to 93 million euros.

Revenue in the first quarter fell 15% to 241 million euros.

The company said profit at its foreign units, which rose to 48.8 million euros in the first quarter from 35 million euros a year earlier, partly offset the negative effect of the regulatory changes in Spain.

Enagas pocketed 22.8 million euros from Tallgrass Energy, its unit in the United States.

Enagas's shareholders are set to approve next month the payment of a 1.68 euro dividend per share out of the 2020 profit.

($1 = 0.8294 euros)

(Reporting by Inti Landauro; Editing by Krishna Chandra Eluri and Louise Heavens)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting