Belgium's Distrigas Q1 turnover rises 32.4 pct

BRUSSELS, May 13 (Reuters) - Distrigas (DISTy.BR: Quote, Profile, Research), the Belgian natural gas trading arm of French utility Suez (LYOE.PA: Quote, Profile, Research), said on Tuesday its first-quarter turnover rose 32.4 percent on arbitrage activities and increased energy prices.

Distrigas said it sold 61.5 TWh (terrawatt-hours) of natural gas in the first quarter, up 8.3 percent year-on-year, mainly resulting from arbitrage, while sales in Belgium dipped by 1.9 percent. Turnover totalled 1.74 billion euros ($2.69 billion).

Distrigas said the positive first-quarter results could not be extrapolated over the entire year, given the uncertainties of the liberalised energy market and given Distrigas's activities are seasonal.

"In addition the volatility of the prices in the energy markets has a strong fluctuating impact on the net results because of accounting rules for the financial instruments used for hedging purposes," Distrigas said.

Suez is seeking to sell its 57 percent stake in Distrigas to meet regulatory requirements for its planned merger with Gaz de France (GAZ.PA: Quote, Profile, Research). It has drawn a shortlist of buyers -- ENI (ENI.MI: Quote, Profile, Research), EDF (EDF.PA: Quote, Profile, Research) and E.ON (EONG.DE: Quote, Profile, Research). (Reporting by Philip Blenkinsop; Editing by Louise Ireland)