Snam 1Q Profit Fell; Confirms 2023 Targets

   By Giulia Petroni

Italy's Snam on Thursday reported a fall in first-quarter profit while revenue rose on year, and confirmed its targets for 2023.

The gas grid operator said quarterly net profit was 304 million euros ($333.9 million) from EUR312 million a year earlier. On an adjusted basis, profit came in at EUR301 million.

Snam said performance was affected by an increase in financial expenses due to a rise in interest rates.

Adjusted earnings before interest, taxes, depreciation and amortization rose to EUR597 million from EUR588 million.

Revenue stood at EUR912 million, up roughly 13% on year from EUR808 million, driven by regulated revenues and the energy efficiency business, according to the company.

Looking ahead, Snam said it expects to benefit from growth of its regulatory asset base thanks to investments and the expansion of infrastructure with the commissioning of the new floating storage regasification unit.

It also said it faces the coming winter season "with a much stronger and more resilient energy system" as its storage facilities are still 65% full.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

May 11, 2023 05:40 ET (09:40 GMT)

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