Snam SpA SNMRY posted a 29% drop in its preliminary 2011 net profit and lifted its dividend by 4.3%.
Snam's net profit for the period dropped to EUR790 million, versus EUR1.11 billion in 2010. Excluding one-time items, Snam's net profit came in at EUR978 million.
Snam's revenue climbed 2.8% to EUR3.61 billion. Its earnings before interest, taxes, depreciation and amortization (EBITDA) climbed 2.8% to EUR2.61 billion.
Analysts were expecting 2011 net profit of EUR762 million, EBITDA of EUR2.58 billion and revenue of EUR3.59 billion.
Snam shares closed at $9.33 yesterday.
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