LatAm remains 'growth engine' for Spain's Gas Natural
Full-year net income for Spanish multinational Gas Natural Fenosa (GNF) increased 2.7% to 1.50bn euros (US$1.64bn) in 2015.
Growth was driven largely by the acquisition in late 2014 of Chilean energy holding CGE, which for its part reported net income growth of 37% to 95.7bn Chilean pesos (US$135mn).
CGE cited improved results in the electric power transmission and distribution segments, partially offset by lower earnings from natural gas distribution.
GNF said in an earnings presentation that Latin America remains a "growth engine" for the group, despite slumping currencies and commodity prices.
Although GNF has prioritized growth in the power generation and LNG segments, the company's core business remains the regulated transport and distribution of natural gas and electricity.
GNF operates gas and power networks in Chile, Colombia, Brazil, Mexico, Panama and Argentina.
The results follow GNF's announcement in December 2015 that it will invest US$1.1bn in the expansion of its natural gas distribution network in Chile over the next decade.
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