Snam Q1 Net Declines 10%

Snam SpA (OTC:

) posted a 10% drop in its first-quarter net profit. Snam's quarterly net profit declined to EUR274 million, versus EUR305 million, in the year-ago quarter. Its revenue climbed 7.9% to EUR969 million, from EUR898 million. Snam's earnings before interest, taxes, depreciation and amortization (EBITDA) surged 4.1% to EUR708 million. Analysts were expecting a net profit of EUR264.3 million, revenue of EUR901.2 million and EBITDA of EUR700.7 million. Snam shares closed at $8.94 yesterday.