May 22, 2022

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Naturgy drops sharply in the stock market after announcing a 9.4% drop in its quarterly profit |  Economie

Naturgy drops sharply in the stock market after announcing a 9.4% drop in its quarterly profit | Economie

Nature’s headquarters are in Madrid. Paul Mong

Icy investor reception for the results Naturgia In the first quarter of the year. Shares of the Spanish energy company fell nearly 7% two hours after the exchange closed after the company reported a net profit of 347 million euros, 9.4% less than the same period a year earlier and 11% lower than it had been. Analysts who keep track of the expected value. The debt, on its part, grew by about 2% to 13,062 million, with a slight increase in the financial cost.

In his presentation of the results, this Thursday sent to National Securities Market Commission (CNMV)The company is aware of an “unbalanced” development of demand between regions: the “weakness” of its business in Spain is partially offset by the better performance of its subsidiaries abroad. In the domestic market, by far the most important for the group headed Francisco RainesNature recorded two decreases in selling electricity (-10%) and gas (-1%).

“This period has been marked by a revival of international activities, while the operation in Spain continues to be pressured on commercial profit margins, influenced in part by contracts that do not reflect the global increase in gas and electricity prices, and a slight decrease in demand,” the company’s management acknowledges in a statement.

Naturgy’s results come a few weeks after the company postponed its spin-off of regulated electricity and gas transmission and distribution business from its marketing business due to poor market conditions as a result of the war in Ukraine.