May 7, 2020 / 6:34 AM / 24 days ago

BRIEF-Snam Q1 Net Profit Up At EUR 298 mln

May 7 (Reuters) - Snam SpA:

* NET FINANCIAL DEBT AT EUR 12.256 BILLION (NOT MILLION) AT END-MARCH VERSUS EUR 11.923 BILLION (NOT MILLION) AT END-DEC

* Q1 NET PROFIT: 298 MILLION EUROS (+ 5.3% COMPARED TO THE FIRST QUARTER OF 2019)

* Q1 TOTAL REVENUES: 691 MILLION EUROS (+ 8.1% COMPARED TO Q1 2019)

* Q1 EBITDA: €567 MILLION (+4.6% COMPARED WITH THE FIRST QUARTER OF 2019)

* SNAM CEO SAYS WE CONFIRM OUR INVESTMENT PLAN FOR 2019-2023

* AT PRESENT, COMPANY IS NOT ABLE TO RELIABLY CALCULATE IMPACT OF COVID-19 ON TARGETS FOR 2020 AND FUTURE YEARS

* EXPECTS A LIMITED IMPACT ON ITS ECONOMIC TARGETS AND TO THE INVESTMENT PROGRAMME

* SEES FALL IN DEMAND FOR GAS IS FOR Q2 2020 WITH IMPACT TO BE ASSESSED ACCORDING TO SPEED AT WHICH ACTIVITIES ARE RESUMED

* ON NATURAL GAS DEMAND, MAXIMUM IMPACT ON SNAM IS ESTIMATED AT REDUCTION IN REVENUE OF AROUND EUR 9 MILLION, RELATED TO COMMODITY COMPONENT

* HAS SIGNED AGREEMENT WITH FEMOGAS TO ACQUIRE 50% JOINT CONTROL STAKE IN INIZIATIVE BIOMETANO

* INIZIATIVE BIOMETANO TRANSACTION IS VALUED AT APPROXIMATELY €10 MILLION

* INIZIATIVE BIOMETANO TRANSACTION IS EXPECTED TO CLOSE BY THE END OF THE YEAR Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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