Centrica Returns to Profit Amid Restructuring -- Update
23 February 2017 - 8:32PM
Dow Jones News
By Neanda Salvaterra
LONDON--U.K. utility Centrica PLC (CNA.LN) on Thursday said it
swung to a net profit for 2016 after slashing jobs and
restructuring its operations.
The company, which produces oil and gas in addition to selling
energy to consumers, said net profit was 1.67 million pounds ($2.08
million) for the period ended Dec. 31, compared with a loss of
GBP747 million a year earlier.
Profit advanced despite a 3% drop in revenue to GBP27.10 billion
from GBP27.97 billion over the period.
Centrica's energy supply business was hurt by lower commodity
prices on tariffs in the U.K. and North America. Its exploration
and production arm was similarly affected.
The U.K.'s biggest supplier of gas and electricity has remained
on target to trim its business. It has reduced its workforce by
over 3,000 employees while realizing GBP384 million in cost
savings.
Chief Executive Ian Conn said 2016 was "a busy year for the
team, but we have delivered a lot, and Centrica enters 2017 a
stronger company."
The company declared a final dividend for the period of 8.40
pence a share, against 8.43 pence for the previous year.
-Write to Neanda Salvaterra and neanda.salvaterra@wsj.com
(END) Dow Jones Newswires
February 23, 2017 04:17 ET (09:17 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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