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Naturgy posts 3.5% rise in first-quarter net profit, beats expectations

MADRID, April 28 (Reuters) - Spanish gas and electricity group Naturgy posted a 3.5% rise in net profit for the first three months of the year on Wednesday, beating market expectations as commodity prices gradually recovered from the impact of COVID-19.

Currency weakness and continued economic uncertainty in Latin America weighed on the results, but ordinary net profit still came in at 323 million euros ($389.6 million), the company said.

“Positive for the stock at first glance as figures came above consensus estimates,” Madrid-based broker CM Capital Markets said in a note to clients. ($1 = 0.8290 euros) (Reporting by Isla Binnie, Editing by Inti Landauro)

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