Compagas posts US$16mn net profits in 2004

Brazilian natural gas distributor Compagas posted net profits of 43.4mn reais (US$15.8mn) in 2004, up from 29.4mn reais in 2003, Compagas' controller, Paraná state power company Copel, said in a statement. The company's gross revenue rose to 327mn reais from 294mn reais the previous year and operating profit was 62.3mn reais, up from 42.4mn reais a year earlier. The company sold an average of 597,000 cubic meters of gas a day (m3/d) through its 437km pipeline network in seven towns in Paraná. Compagas sold 464,000m3/d to its 86 industrial clients and 75,000m3/d to co-generation clients, the company said. The company's vehicular natural gas sales (VNG) were 54,000m3/d through the 34 VNG outlets in the state. Compagas invested 20mn reais in the expansion of its pipeline network in 2004, the statement said. The company is expected to invest another 20mn reais in 2005, a Copel spokesperson told BNamericas. Compagas should continue to expand its pipeline network in 2005, convert more properties to piped gas and boost sales through the distribution of liquefied natural gas (LNG) and compressed natural gas (CNG), the company said.