Gas Natural Inc. (EGAS) Tuesday reported a drop in profit for the fiscal year 2012, due mainly to higher operating expenses.
Net income for the period declined to $5.4 million or $0.66 per share from $5.8 million or $0.92 per share last year.
Net income from the natural gas operations segment increased by $140 thousand, driven primarily by customer growth and colder weather in most of its service territories. This was, however, offset by net losses within the company's marketing and production operations segment due to an impairment charge of $790 thousand.
Fiscal-year 2012 net revenues grew to $99.2 million from $91.5 million last year.
Operating expenses increased to $28.8 million from $25.71 million last year.
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