LONDON (ShareCast) - Spanish gas company Gas Natural (Berlin: 38G.BE - news) has posted its financial results for the first nine months of the year, revealing that greater international activity has allowed it to make up for weakness in Spain.
The company saw attributable earnings rise to €1.115bn, 0.1% higher than in the comparable period of last year. Revenues totalled €18.418bn compared to €15.315bn in the first nine months of 2011.
Operating earnings reached €2.334bn and EBITDA (earnings before income tax, depreciation and amortisation) reached €3.827bn.
International activity has played a larger role and made up 42.7% of EBITDA compared to 36.3% a year earlier. Spain's contribution to the total fell by 2.7 percentage points to 57.3%.
The company continued to reduce its debt level to 52.9% at the close of September (€16.935bn).
Technical analysts at Digital Look have taken a look at the Spanish stock. They said:
"Shares of Gas Natural are showing a bullish outlook after they were able to move above the 200-day moving average. The stock is now consolidating at the wait for new buy orders to appear and confirm a medium and long-term trend reversal. First (OTC BB: FSTC.OB - news) we need a close above €12.47, which is not too far above. Accumulation levels back the possibility of a new bullish rally in future sessions," they said.
"We expect to see a continuation of the gains towards €13 in the following months. However, the stock may test support at €11, the 200-day moving average. This is one Ibex component that we will keep our eyes on."