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Italy's Snam sees 11.1% increase in H1'19 net profit

Italian gas operator Snam SpA on Aug. 1 reported net profit of €581 million in the first half of 2019, up 11.1% from €523 million in the year-ago period.

The company attributed the increase to higher income from equity investments and lower net financial expenses, as well as the growth in EBIT, which stood at €756 million in the first half of the year, compared with €729 million a year ago.

Snam booked €1.11 billion in first-half EBITDA, improving from €1.06 billion in the comparable 2018 period.

Revenues totaled €1.33 billion, up from €1.27 billion a year ago. Free cash flow dropped to €794 million in the first two quarters of the year from €1.04 billion in the same period in 2018.

Snam increased its 2019 net profit guidance to 6%-7% from 5%.