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Italgas posts 5% rise in 9-month core profit

Illustration shows Italgas logo

MILAN (Reuters) - Italy's biggest gas distributor Italgas reported a 5% yearly increase in core profits in the first nine months, boosted by higher sales.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at 785 million euros with revenue in the period up 8% to 1.09 billion euros, driven by the expansion of the business that helps companies and households enhance energy efficiency.

The consolidation of Greek gas grid DEPA Infrastructure, whose acquisition was finalised in early September, also had a small positive effect on sales.

"In 2023, 90% of Italgas' networks will be smart, digital and flexible, ready to absorb increasing quantities of biomethane and, subsequently, hydrogen and synthetic gases," Italgas Chief Executive Paolo Gallo said in a statement.

(Reporting by Francesca Landini, editing by Alvise Armellini)