Baku, Azerbaijan, May 15
By Leman Zeynalova – Trend:
Total revenue of Italy’s Snam company in the first quarter of 2019 was 654 million euro, up by 24 million euro (3.8 percent) compared with the first quarter of 2018, Trend reports with reference to the company.
“Net of items offset in costs, total revenue amounted to 639 million euro, up 23 million euro, 3.7 percent. The increase was mainly due to higher regulated revenues (+15 million euro; +2.5 percent) primarily relating to the transport segment (+24 million euro; +4.9 percent), partly offset by the natural gas storage segment (-9 million euro; -8.1 percent) and the increase in non-regulated revenues (+8 million euro), mainly due to the contribution from companies joining the consolidation scope,” reads a report released by the company on Q1 2019.
This is while net profit achieved in the first quarter of 2019 amounted to 283 million euro, an increase of 29 million euro, 11.4 percent, compared with the net profit achieved in the first quarter of 2018.
“The increase is mainly due, in addition to the growth in operating profit (+11 million euro; +3.1 percent) to: (i) the higher income from equity investments measured using the equity method (+24 million euro; +63.2 percent), mainly attributable to the contribution of the company Teréga, due to release of a tax provision, and the entry of Senfluga; (ii) the lower net financial expenses (+11 million euro; 20.8 percent), which benefit from optimization of the financial structure and positive market conditions. These effects were partly absorbed by higher income taxes (-17 million euro; 19.8 percent), due mainly to the rise in pre-tax profit and lesser ACE - Aid for Economic Growth benefit. The tax rate for the first quarter of 2019 was 26.7 percent (25.3 percent in the first quarter of 2018),” said the company.
Snam is Europe’s leading gas utility. It has been building and managing sustainable and technologically advanced infrastructure guaranteeing energy security for over 75 years. Snam operates in Italy and, through subsidiaries, Austria (TAG and GCA), France (Teréga) and the United Kingdom (Interconnector UK). It is one of the main shareholders of TAP (Trans Adriatic Pipeline) and is the company most involved in projects for the creation of the Energy Union.
Since 2001 Snam is a public company, listed in the FTSE MIB index of the Italian Stock Exchange.
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