National Grid 1st Half 2021 Profit Boosted by One-Offs; Adjusted EBIT Fell
12 Novembre 2020 - 8:55AM
Dow Jones News
By Jaime Llinares Taboada
National Grid PLC on Thursday posted significantly higher profit
for the first half of its fiscal 2021, but underlying earnings
declined amid Covid-19 related costs.
The energy networks company made a pretax profit of 720 million
pounds ($952.3 million) in the six months to Sept. 30, up from
GBP404 million a year earlier. The increase was driven by
exceptional income such as mark-to-market remeasurements gains.
Underlying operating profit--one of the company's preferred
metrics--which strips out exceptional items and
remeasurements--fell to GBP1.15 billion from GBP1.30 billion. It
missed the market consensus of GBP1.19 billion, taken from the
company's website and based on 12 analysts' forecasts.
National Grid estimates that the coronavirus pandemic reduced
its underlying operating profit by GBP117 million in the first half
of the year, mainly as a result of higher bad debt and a shortfall
of revenue under existing regulatory agreements. The group
continues to expect a full-year impact of GBP400 million.
The company declared an interim dividend of 17.0 pence a share,
up from 16.57 pence a year earlier. The proposed payment is
slightly below market expectations of 17.05 pence, taken from the
company's website and based on 10 forecasts.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
November 12, 2020 02:40 ET (07:40 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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