October 30, 2019 / 7:44 AM / 20 days ago

Spain's Naturgy earnings rise 4.6% on gas network strength

MADRID, Oct 30 (Reuters) - Spanish utility Naturgy posted a 4.6% rise in core earnings for the first nine months of the year on Wednesday, saying strong earnings from its networks business offset lower income from natural gas trading.

The Gas&Power unit, hit by lower prices for liquefied natural gas (LNG), reported a 3.9% fall in core earnings.

But cost savings and the resilience of Naturgy’s gas and electricity network business in Europe and Latin America sent the company’s net profit up 13%.

Soaring production of liquefied natural gas (LNG) has outstripped demand growth this year, producing a global glut.

Naturgy’s core earnings before interest, tax, depreciation and amortisation (EBITDA) rose to 3.4 billion euros.

An average of analyst forecasts collated by the company had pointed to EBITDA of 3.27 billion euros. (Reporting by Andres Gonzalez, Editing by Ingrid Melander)

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