National Grid H1 Profit Down 64% - Quick Facts

(RTTNews) - National Grid plc (NG.L, NGG) reported profit before tax of 485 million pounds for the six months ended 30 September 2016, down 64 percent from 1.35 billion pounds in the previous year.

Profit to equity shareholders of the parent decreased to 504 million pounds from 1.05 billion pounds in the prior-year period. Earnings per share declined to 13.4 pence from 27.7 pence last year.

Operating profit for the half year declined 3 percent to 1.79 billion pounds from 1.85 billion pounds in the year-ago period.Adjusted operating profit increased 1 percent to 1.85 billion pounds from 1.84 billion pounds in the prior year.

Adjusted profit before tax decreased 1 percent to 1.36 billion pounds from 1.37 billion pounds prior year. Adjusted earnings per share were flat with last year at 28.2 pence.

Revenue for the half-year period increased to 7.20 billion pounds from 6.85 billion pounds in the previous year.

The Board of National Grid has approved an interim dividend of 15.17 pence per ordinary share, which represents 35 percent of the total dividend per share in respect of the last financial year 2015/16 and is in line with the Group dividend policy.

Looking ahead, the company expects overall group performance to remain in line with the expectations set out at the full year results in May 2016.

The company noted that the process for the sale of a majority interest in the UK Gas Distribution business is on track for completion in early 2017 and significant progress has been made on separation activities.