Spain's Gas Natural SDG SA (GAS.MC) Tuesday reported a 12% rise in its fourth-quarter net profit, helped by higher electricity prices and an increase in power output.

Spain's largest gas distributor by market value said its net profit in the fourth quarter ended Dec. 31 rose to EUR252 million, from EUR233 million a year earlier.

A Dow Jones Newswires survey of four analysts had predicted an average net profit of EUR279.6 million.

Profits were boosted by higher Spanish electricity pool prices, and a rise in electricity output in Spain and Latin America.

By contrast, Gas Natural's gas distribution and supply business rose far less rapidly.

Gas Natural's earnings before interest, taxes, depreciation and amortization, or Ebitda, rose to EUR638 million, from EUR576 million a year earlier.

Analysts had estimated average Ebitda of EUR652.8 million.

Sales rose to EUR3.84 billion in the period, from EUR2.76 billion in the fourth quarter of 2007.

Gas Natural Tuesday also said that its full-year 2008 net profit rose 10.2% to EUR1.06 billion from EUR959 million a year earlier.

Gas Natural shares closed at EUR17.39 on Monday. The stock has fallen 52% in the past 12 months amid the general market malaise and after the company announced plans for a dilutive capital increase to finance its purchase of Union Fenosa SA (UNF.MC).

Company Web Site: http://www.gasnatural.com

-By Bernd Radowitz, Dow Jones Newswires, 34-91-395-8125, bernd.radowitz@dowjones.com
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