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Gas Natural FY12 Profit Declines

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Gas Natural Inc. (EGAS: Quote) 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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by RTT Staff Writer

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After moving sharply lower in early trading on Wednesday, stocks have seen continued weakness over the course of the trading session. Will the pullback, the major averages are adding to the modest losses posted in the two previous sessions. With spending on private and public construction both showing notable decreases, the Commerce Department released a report on Wednesday showing an unexpected drop in U.S. construction spending in the month of August. Growth in U.S. manufacturing activity saw a notable slowdown in the month of September, according to a report released by the Institute for Supply Management on Wednesday, with the index of activity in the sector pulling back off a three-year high.
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