Snam Posts Decline In 2011 Net Profit

Snam SpA (OTC: SNMRY) posted a 29% drop in its preliminary 2011 net profit and lifted its dividend by 4.3%.

Snam's net profit for the period dropped to EUR790 million, versus EUR1.11 billion in 2010. Excluding one-time items, Snam's net profit came in at EUR978 million.

Snam's revenue climbed 2.8% to EUR3.61 billion. Its earnings before interest, taxes, depreciation and amortization (EBITDA) climbed 2.8% to EUR2.61 billion.

Analysts were expecting 2011 net profit of EUR762 million, EBITDA of EUR2.58 billion and revenue of EUR3.59 billion.

Snam shares closed at $9.33 yesterday.