Snam closed the first quarter with revenues up 2,1%, to 628 million euros, a Mol of 514 million (+6,6%) and a Net income which reached 254 million (+19,8%). The group communicates it in a note, specifying that the gas introduced into the network of Italian transport reached 18,98 billion cubic meters (+15,1% compared to the first quarter of 2016). Furthermore, theoperating profit it grew by 6,6% to 353 million and technical investments amounted to 183 million (+13,7%).
Meanwhile, as of 31 March, Snam had managed to purchase – using its own buyback program – treasury shares equal to 2,36% of the share capital for a total cost of 304 million euro, while net debt decreased to 10,694 billion (from 11,056 billion at the end of 2016).
"We have achieved positive results, which reflect the investments made in the service of the system and allow us to confirm the 2017 objectives - underlined the CEO in a note Marco Alvera – The recovery of Italian consumption, which with a quarterly increase of 8,6% marks the ninth consecutive quarter of growth, also contributed to these results”.
As regards the evolution of management, Snam expects a demand for natural gas on the Italian market at the end of 2017 in line with 2016 (71,9 billion cubic metres), a slight increase in technical investments and confirms "its attention to operational efficiency and the objective of optimizing the financial group".
One hour after opening the stock on the stock exchange of Snam gains 0,3%, to 4,114 euros.
