November 8, 2018 / 7:37 AM / 9 days ago

National Grid profit hit by US storms, launches UK cost-cut plan

Nov 8 (Reuters) - Electricity and gas utility company National Grid Plc reported a 6 percent fall in half-yearly underlying operating profit on Thursday, hurt in part by lower profit from its U.S. units where a string of storms raised costs.

The company also said it implemented a cost-savings and restructuring programme in its UK business.

Underlying operating profit fell to 1.29 billion pounds ($1.69 billion) for the six months ended Sept. 30, from 1.37 billion pounds a year earlier. ($1 = 0.7624 pounds) (Reporting by Shariq Khan and Tanishaa Nadkar in Bengaluru; Editing by Gopakumar Warrier)

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