MADRID (Reuters) -Spanish gas grid operator Enagas said on Tuesday it is on track to achieve its profit target for the year after net profit fell roughly 21% in the first quarter, hit by lower revenue from its regulated business in Spain. Net profit was 54.6 million euros ($60.31 million) compared with 69.3 million euros a year earlier. The company said that it is on track to meet its target of a net profit of between 310 million euros and 320 million euros for this year.
The acquisition of the pipeline network, which Enagas described as "key to ensuring security of supply and the proper functioning of the Iberian gas market", cost 54 million euros ($57.33 million), the companies said in a joint statement. Since Russia's invasion of Ukraine a year ago, many European countries, including Spain, have been trying to wean themselves off Russian gas amid concerns over supply shortages. The distribution network provides natural gas directly to several infrastructures in the country's northwestern region of Galicia, where Reganosa is based.
MADRID (Reuters) -Spanish gas grid operator Enagas on Tuesday said it expects its net profit to fall by 15%-17% this year after a 6.9% slide to 376 million euros ($401 million) in 2022. The company's net profit in 2022 was slightly below its 380 million to 390 million euro target, though in line with the 373 million expected by analysts polled by Refinitiv. Net profit would fall to 310 million-320 million euros this year, the company said.