French energy company and LNG player Engie posted a drop in net profit for the first half of 2018, as its upstream and midstream LNG business was classified as ‘discontinued operations.’
Net profit amounted to 0.9 billion euros ($1.05 billion), down from 1.2 billion euros in the corresponding period in 2016, Engie said in its half-year report.
The company said it is continuing its strategic repositioning, and during the first half of the year, with the CEO Isabelle Kocher saying the return to organic growth observed in 2017 is confirmed in the 2018 first half, supported by the continued development in the majority of the company’s activities.
“Engie realized numerous opportunities in services with 11 percent revenue growth and 13 percent increase in installation and engineering backlog and currently has a global portfolio of 24 million contracts for the supply of services and the sale of energy to individuals, in particular with a leading position on gas and electricity market offers in France,” Kocher said.
Engie’s net recurring income, excluding exploration & production and LNG, amounted to 1.5 billion euro in the first half of 2018, an increase of 11.4 percent compared with the previous year.
The company said it has confirmed its 2018 financial targets with net recurring income between 2.45 billion euro and 2.65 billion euro.