MADRID – Naturgy Energy Group said on Monday that it recorded a net loss in the first nine months of the year due to an impairment booked in the second quarter, but sales rose supported by the gas business.
The Spanish company recorded a net loss in the nine months of 3.04 billion euros ($3.46 billion) compared with a net profit of 793 million euros a year earlier. The loss for the nine-month period was due to a 4.91 billion euros impairment booked in the second quarter.
Recurring net income for the period jumped 38 percent to 877 million euros, thanks to higher activity, lower depreciation and lower financial expenses, Naturgy said.
Net sales rose 3.4 percent to 17.67 billion euros, on higher volumes and prices at the gas business, the company said.
Earnings before interest, taxes, depreciation and amortization fell 0.6 percent to 2.98 billion euros, it said. Quarterly Ebitda reached 972 million euros, below FactSet-compiled analyst expectations of 1.17 billion euros.