Italian gas company Snam's net profit increased by 11.4% to €283 million in the first quarter of 2019, compared to the same period of 2018, the company said on Wednesday.
The company's earnings before interest and taxes also increased by 3.1% to €366 million in the first quarter of this year.
Marco Alvera, Snam's chief executive officer said results for the first quarter of 2019 were very positive.
"The double-digit increase in net profit reflects strong operating results and the continuous optimization of our financial structure. Snam’s investments in Italy increased by over 6% compared to the first quarter of 2018," Alvera said.
The company announced it would focus on operating efficiency in 2019 through initiatives that will enable it to keep the level of costs more or less stable in real terms for the core business.
Snam also noted that in line with the most recent estimates, demand for natural gas in Italy should remain more or less stable through to the end of 2019 in consideration of 2018 levels of 73.2 billion cubic meters, normalized for temperature.
By Murat Temizer