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REN posts net profit of €91.6M

 

REN has posted profits of €91.6 million during the first nine months of 2015, an increase of 16.5% on the same period last year. Underlying this increase was the reduction in financial charges and the sale of REN's stake in Enagás. The results were also negatively affected by the extraordinary contribution levied on the energy sector.

The EBITDA was €372.3 million, a fall of 1.9% compared to the same period last year, the result of regulatory changes and the reduction in interest rates.

The CAPEX totalled €145.8 million in the first nine months of the year, an increase of 110.3% the result of the acquisition of two gas caverns from GALP Energia. This acquisition allowed an increase of 2.2% in the RAB average.

The average cost of debt fell by 4%, largely as a result of the Company's positive financial performance as noted by the credit rating agency Standard & Poor's, which in October increased REN's rating from BB+ to BBB, following the decision by Moody's and Fitch to award the company an investment grade rating.

For Rodrigo Costa, Chairman and CEO of REN, the results for the first nine months of 2015 "reflect the company's good financial performance and operational robustness, factors that have been recognised by the world's three largest credit rating agencies."