MADRID (Reuters) -Spanish gas grid operator Enagas said on Tuesday it booked a net profit of 176 million euros ($205.66 million) in the first half of the year after a capital loss on the sale of an asset in the U.S. plunged it in the red a year ago.
Gains from a disposal and the upwards revision of the amount it was awarded in an arbitration on an investment in Peru also contributed to the swing.
Enagas had booked a net loss of 211 million euros in the first half of 2024, dragged by a 360 million euro capital loss on the sale of an asset in the U.S.
The Spanish firm is diversifying into managing a network of hydrogen infrastructure, while also targeting ammonia and CO2 capture. To this end, earlier this year it pledged to invest more than 4 billion euros by the end of the decade, with more than three quarters of that earmarked for hydrogen infrastructure.
Enagas made a 41.2 million euro gain from a decision by the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) to raise the amount the company was entitled in an arbitration process over an investment to build a natural gas pipeline in Peru, known as Gasoducto Sur Peruano (GSP).
Gains from a disposal in Mexico generated another 5.1 million euros, it said.
The company said it is on track to achieve its targets for the year.
($1 = 0.8558 euros)
(Reporting by Pietro Lombardi, editing by Inti Landauro)
