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Engie posts decline in first-half net income YOY

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Engie posts decline in first-half net income YOY

ENGIE SA reported a year-over-year decrease in its net income for the first half of fiscal 2018 but said revenues grew.

The company posted net income of €1.23 billion, or 36 cents per share, in the half ending June 30, down from €1.61 billion, or 47 cents per share, in the same period last year.

Revenues for the first half rose to €30.18 billion, increasing by 0.1% from €30.16 billion in the prior-year period. Revenues from contracts with customers rose to €28 billion from €26.83 billion posted in the comparative period.

"Reported revenue growth was affected by an adverse exchange rate, mainly due to the depreciation of the US dollar and Brazilian real against the euro, offset by an overall positive scope effect," the company said.

The company also said its purchases decreased to €15.63 billion from €16.13 billion in the same period last year.

EBITDA for the half rose by 1.3% to €5.07 billion compared to €5 billion recorded in the prior-year period.

Current operating income was almost unchanged at €2.85 billion in the first half.

Engie confirmed its financial targets for the year, including payment of a dividend of 75 cents per share and net recurring income between €2.45 billion and €2.65 billion.