Engie 1st Half Net Profit Soared After Asset Sales
July 30 2019 - 2:53AM
Dow Jones News
By Nathan Allen
Engie SA (ENGI.FR) said Tuesday that earnings more than doubled
in the first half thanks largely to the proceeds from asset sales
and lower impairment losses.
Net profit at the French energy company rose to 2.1 billion
euros ($2.34 billion) from EUR938 million a year earlier, Engie
said. Revenue ticked up to EUR33 billion from EUR30.2 billion, the
company said.
The company said it booked EUR1.6 billion from asset sales, the
bulk of which came from the sale of its majority stake in Thai
energy group Glow. Lower impairments also contributed to the
stronger bottom line, Engie said.
On an operational level, Engie reported strong results from its
energy-management and nuclear businesses, but said its renewables
unit was hit by lower hydroelectric production in France.
Engie confirmed its 2019 guidance for net recurring income of
between EUR2.5 billion and EUR2.7 billion, and said profit growth
will be weighted toward the second half of the year.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
July 30, 2019 02:38 ET (06:38 GMT)
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