Engie 1st Half Profit Dropped, Hit by Virus
31 Juli 2020 - 9:04AM
Dow Jones News
By Giulia Petroni
Engie SA said Friday that net profit dropped in the first half
of 2020 as its financial performance was significantly hit by
Covid-19, and provided guidance for the full year.
The French energy company said net profit in the period was 24
million euros ($28.4 million) from EUR2.08 billion in the
year-earlier period.
Revenues decreased to EUR27.43 billion from EUR30.25
billion.
Earnings before interest, taxes, depreciation and amortization
came in at EUR4.48 billion from EUR5.32 billion the year prior.
"Results for the first half of 2020, and in particular for the
second quarter, were down significantly with an estimated [current
operating income] impact of about EUR0.85 billion due to the
unprecedented Covid-19 crisis," the company said.
Looking at 2020, Engie said it expects net recurring income to
be between EUR1.7 billion and EUR1.9 billion and capital
expenditure between EUR7.5 billion and EUR8 billion. Guidance
assumes a continued, gradual return to normal across
geographies.
A new chief executive officer is expected to be appointed in
September and potentially start by the end of the year, it
said.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
July 31, 2020 02:49 ET (06:49 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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