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Snam Q1 profit falls YOY

Snam SpA said its normalized net income for the first quarter came to 7 euro cents per share, a decline of 9.1% from 8 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was €259.4 million, a decline of 5.9% from €275.6 million in the year-earlier period.

The normalized profit margin dropped to 26.6% from 28.3% in the year-earlier period.

Total revenue came to €975.0 million, compared with €973.0 million in the year-earlier period, and total operating expenses increased 7.9% from the prior-year period to €465.0 million from €431.0 million.

Reported net income grew 11.3% on an annual basis to €325.0 million, or 9 cents per share, from €292.0 million, or 9 cents per share.