During 2019, Italgas expects to continue its significant investment plan </p><div> <! - <EdIndex> -><p><img style="float: left;" src="http://www.soldionline.it/pictures/2019/05/08/italgas_2.jpeg" alt="italgas_2" width="200" /><strong>Italgas</strong> announced the results for the first nine months of 2019. The company ended the period under review with <strong>revenues for € 916.9 million, up 3.7%</strong>% compared to the 884.6 million obtained in the first three quarters of last year; due to the increase in transportation revenues (+ € 40.6 million), partially offset by a reduction in other regulated gas distribution revenues (€ 33.7 million).
Gross operating profit rose 5%, from 629.2 million to 660.7 million euros, following a minimal increase in operating costs.
Italgas ended the first nine months of 2019 with a net profit of € 262.6 million, up 16% compared to 226.4 million recorded in the same period last year, thanks to lower depreciation and write-downs.
At the end of September net debt had risen to 4.05 billion euros, compared to 3.81 billion at the beginning of the year, also as a result of the application of the new accounting standards. The company stated that as at 30 September 2019 it had unused committed credit lines for an amount of 1.1 billion euros, of which 600 million euros expiring in October 2019 and 500 million euros expiring in October 2021 .
In the first nine months of 2019, Italgas' operating activities generated a cash flow of 528.8 million euros, while technical investments amounted to 455.2 million euros.
With specific reference to technical investments in tangible and intangible assets, during 2019, Italgas expects to continue its significant investment plan mainly aimed at the implementation of network digitization projects, installation of "smart" meters and methanisation of Sardinia, in addition to the usual maintenance and development of the networks under management. Furthermore, in line with the objectives of the Strategic Plan, after the acquisitions that took place in 2018, further development initiatives for external lines continued in 2019.
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