July 30, 2020 / 8:15 AM / 5 days ago

Snam first-half sales rise as higher tariffs offset COVID-19 impact

(Reuters) - Italian gas company Snam (SRG.MI) reported a rise in first-half revenue on Thursday as an increase in tariffs offset a decrease in natural gas volumes transported due to COVID-19 and milder temperatures.

Sales in the first half rose 3.3% to 1.35 billion euros (1.22 billion pounds).

Snam, which makes most of its revenue from its regulated gas transport business in Italy, saw first-half core earnings stable at 1.11 billion euros compared to a year ago.

Europe’s biggest gas pipeline company confirmed its full-year net profit guidance of 1.1 billion euros and confirmed it expected limited impact from COVID-19 on its investment plans.

Reporting by Rita Plantera and Silvia Recchimuzzi in Gdansk; Editing by Jason Neely and Edmund Blair

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