July 30, 2019 / 6:34 AM / 21 days ago

Utility Engie's first-half earnings recover on restart of Belgian nuclear reactors

The logo of French gas and power group Engie is seen on the company tower at La Defense business and financial district in Courbevoie, near Paris, France. May 16, 2018. REUTERS/Charles Platiau

PARIS (Reuters) - French gas and power group Engie’s (ENGIE.PA) second-quarter earnings rebounded after a weak first quarter, driven by strong management of its energy, an improvement in client solutions and the restart of all its Belgian nuclear reactors.

First-half core earnings before interest, tax, depreciation and amortisation (EBITDA), which had fallen 4.8% in the first quarter, were up 0.6% to 5.3 billion euros (£4.85 billion).

First-half revenue rose 9.3% to 33 billion and current operating income was up 3.1% to 3.2 billion euros. Net recurring income was flat at 1.5 billion euros.

The utility confirmed its guidance for 2019 group net recurring income of 2.5-2.7 billion euros, “based on the positive momentum built over the second quarter and our visibility for rest of the year”. Engie said it expected full-year profit growth to remain weighted towards the second half.

Reporting by Geert De Clercq; Editing by Sudip Kar-Gupta

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