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Innogy posts 15.9% drop in H1'19 adjusted EBIT

German utility innogy SE reported first-half 2019 adjusted EBIT of €1.31 billion, a 15.9% drop from €1.55 billion in the same period in 2018.

Adjusted EBITDA fell year over year to €2.14 billion from €2.25 billion.

The company booked adjusted net income of €488 million in the first six months of 2019, compared to €662 million a year ago.

Innogy attributed the decline to developments in its U.K. retail business — the U.K. government introduced a regulatory price cap in January — and the sale of its Czech gas grid business.

Net income attributable to innogy shareholders totaled €671 million, dropping from €850 million in the prior-year period.

External revenue was €19.03 billion, compared with €19.36 billion in the comparable period in 2018.

The utility confirmed its 2019 outlook of about €2.30 billion for adjusted EBIT and about €850 million for adjusted net income.