ENGI Engie

   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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