Engie Swings to Profit in 2017, Helped by Overhaul
By Sarah Sloat
French utility Engie SA (ENGI.FR) said Thursday that it swung to a group net profit in 2017, helped by an overhaul that included significant disposals.
Group net profit rose to 1.4 billion euros ($1.74 billion) from a loss of about EUR400 million a year earlier. Revenues grew slightly to EUR65 billion from EUR64.8 billion. The company confirmed it would pay a 2017 dividend of EUR0.70 and plans to increase that to EUR0.75 for 2018.
"Engie has repositioned its portfolio, laying the foundations for future growth," the company said, noting EUR13.2 billion in planned disposals last year that leave it less exposed to market risks. It also made investments of around EUR13.9 billion in operations with good growth prospects, it said.
Engie expects its 2018 recurring after-tax profit--a measure that strips out restructuring costs and other impairments--to be between EUR2.45 billion and EUR2.65 billion, compared with EUR2.6 billion in 2017.
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(END) Dow Jones Newswires
March 08, 2018 02:39 ET (07:39 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.