CHISINAU (Moldova), November 8 (SeeNews) – Spanish utility Gas Natural Fenosa said on Tuesday its earnings before interest, taxes, depreciation and amortisation (EBITDA) from Moldovan operations rose by 10.5% to 21 million euro ($29 million) through September.
In the third quarter alone, EBITDA in Moldova rose to 6.0 million euro from 5.0 million euro a year earlier, the company said in its nine-month financial report.
"The revenues reflect the pass-through effect of procurement costs together with the capex plan and operation and maintenance performed in accordance with the country's current regulations," the company said.
Gas Natural Fenosa’s net sales in Moldova increased by 8.3% to 144 million euro through September. In the third quarter, sales there were up to 42 million euro from 40 million euro a year earlier.
The company operates in Moldova through its unit RED Union Fenosa. The unit includes three power distributors, which supply electricity to Moldova’s southern and central regions, including the capital Chisinau.
The company said that electricity demand in Moldova maintained the growth trend observed in the first half with the nine-month sales volume rising 4.3% to 1,780 gigawatthours (GWh) in its distribution region. The sales volume rose to 558 GWh in the third quarter from 548 GWh a year earlier.
The number of distribution connections increased to 817,000 at the end of September from 815,000 a year ago.
"Gas Natural Fenosa continued to implement its plan to improve management in Moldova, focusing on processes linked to energy control in the distribution networks, operating processes associated with the entire customer management cycle, and optimisation of facility O&M [operation and maintenance]," the company said.
It added that there has also been a notable improvement in service quality and network incidence indicators.
"Debt collection ratios are very close to 100%."
The power loss index was 13%, one percentage point lower from the first nine months of 2010.
($=0.726 euro)