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National Grid fiscal H1 profit falls YOY

National Grid plc said its normalized net income for the fiscal first half ended Sept. 30 was 24 Great British pence per share, compared with the S&P Capital IQ consensus estimate of 28 pence per share.

EPS decreased year over year from 25 pence.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was £848.0 million, a decline from £863.0 million in the year-earlier period.

Total revenue rose 5.1% on an annual basis to £7.20 billion from £6.85 billion, and total operating expenses rose 6.1% year over year to £5.37 billion from £5.06 billion.

Reported net income decreased 52.0% on an annual basis to £502.8 million, or 15 pence per share, from £1.05 billion, or 30 pence per share.