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Chile-based LPG and natural gas distributor Lipigas sees growth potential for the piped gas distribution segment in Colombia, where newly created subsidiary Rednova began operating during the first quarter.
"This is still an incipient segment," CEO Ángel Mafucci said Thursday in a statement, "but we [believe] that it has future growth possibilities."
Lipigas reported net income of 6.67bn pesos (US$9.86mn) during the quarter, down 9.4% year-on-year.
Revenue rose 16% to 99.113bn pesos, driven mainly by increased volumes and prices of LPG in Chile and Colombia.