Snam Q2 Net Profit Down 14%

Snam SpA SNMRY reported a 14% drop in its second-quarter net profit. Snam's quarterly net profit declined to 234 million euros ($287.8 million), versus EUR271 million, in the year-ago period. Its revenue climbed to EUR894 million, from EUR864 million. Snam's earnings before interest, taxes, depreciation and amortization (EBITDA) climbed 4.8% to EUR650 million. However, analysts were expecting a net profit of EUR225.9 million on revenue of EUR856.4 million. Snam shares closed at $8.06 yesterday.