Engie 1Q Operating Income, Revenues Fell

   By Giulia Petroni 
 

Engie SA said Tuesday that current operating income and revenues fell in the first quarter of the year.

The French utility company said current operating income came in at 1.9 billion euros ($2.06 billion) in the period from EUR2.04 billion in the previous year.

The company reported revenues of EUR16.5 billion compared with EUR17.1 billion a year earlier. On an organic basis, the fall was mainly due to temperature effects on supply in France and across Europe, gas distribution in France and the impact of coronavirus on client solutions.

Earnings before interest, tax, depreciation and amortization came in at EUR3.1 billion, down 1.8% on a reported basis.

"We started 1Q on a positive note, despite an unseasonably warm winter," said Executive Vice President Judith Hartmann, adding that "the gradual development of the Covid-19 crisis started to affect our customer solutions activities from March onwards."

Earlier this year, Engie withdrew its guidance for 2020 and scrapped its 2019 dividend of EUR0.80 a share, citing the significant impact of coronavirus on customers and operations.

The company said it would update its financial outlook "in due course," as it is currently not able to quantify the full impact of Covid-19 on its finances.

Write to Giulia Petroni at [e-mail]

(END) Dow Jones Newswires

May 12, 2020 03:08 ET (07:08 GMT)

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