Italy's Snam posts 8% rise in first-quarter core profits
MILAN, May 8 (Reuters) - Italy's gas grid group Snam (SRG.MI), opens new tab, which recently acquired a stake in Germany's fuel operator Open Grid Europe, reported on Thursday an 8% annual rise in its first-quarter adjusted core profit.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) came in at 761 million euros ($859 million) in the period, almost in line with an average estimate of 756 million euros in a Reuters poll of analysts.
Next week Snam shareholders are expected to vote for the appointment of Agostino Scornajenchi, a former top manager at power grid company Terna (TRN.MI), opens new tab, as chief executive, replacing Stefano Venier who ends his three-year stint this month.
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