National Grid Fiscal Year 2018 Profit Rose 24%
17 May 2018 - 5:06PM
Dow Jones News
By Dimitrios Kontos
National Grid PLC (NG.LN) said Thursday that its fiscal 2018
pretax profit rose 24% and that it expects its U.S. business to
continue performing well while the U.K. business remains on track
to outperform.
The utility company made a pretax profit of 2.71 billion pounds
($3.66 billion) for the year ended March 31 compared with GBP2.18
billion a year earlier.
The company said its profit after tax was GBP3.59 billion,
reflecting a GBP1.51 billion tax credit relating to the reduction
in the US federal corporation tax rate.
Group revenue rose to GBP15.25 billion compared with GBP15.04
billion in fiscal 2017 and with a consensus forecast provided by
FactSet of GBP15.07 billion.
Net profit from continuing operations was GBP2.06 billion
compared with GBP1.81 billion a year earlier. The consensus net
profit forecast was GBP2.04 billion, according to 13 analysts
polled by FactSet.
The company said that the contribution from its Ventures unit is
expected to be slightly higher.
The board has proposed an increase of the full-year dividend to
45.93 pence a share compared with 44.27 pence a year earlier, the
company said.
Write to Dimitrios Kontos at dimitrios.kontos@dowjones.com
(END) Dow Jones Newswires
May 17, 2018 02:51 ET (06:51 GMT)
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