Spain's natural gas pipeline system operator Enagas made a stand-alone net profit of €102.8 million in the first quarter of 2017, the company announced Tuesday.
The company's net profit increased by 1.6 percent from the same period last year and was in line with full-year guidance, the company said in its statement.
"At the end of the first quarter of 2017, Enagas net borrowings totaled €4.913 billion (not including GNL Quintero) and financial resources stood at €2.288 billion. More than 80 percent of the debt was at a fixed rate and the average cost of the debt was kept at 2.3 percent, the same rate as in the first quarter of 2016," the press release showed.
According to the press release, Enagas invested a total of €264.1 million in the first quarter of the year in line with expectations.
During the same term, Spain's natural gas demand also increased by 8.4 percent compared to the first quarter of 2016, the press release said.
Natural gas demand for power generation recorded growth of 16.5 percent compared to the previous year as a result of lower hydro and wind power production.
Spain's national demand is expected to grow by about 2 percent by the end of the year, according to the company's press release.
By Muhsin Baris Tiryakioglu