July 31, 2020 / 7:23 AM / 13 days ago

UPDATE 1-French power group Engie to review assets as first-half profits drop

(Adds share price reaction and detail)

By Benjamin Mallet

PARIS, July 31 (Reuters) - French utility and power company Engie announced on Friday a new review of its assets as it reported a drop in first-half sales and profits.

Engie’s current operating income in the first half of 2020 dropped by 30.8% from last year to 2.2 billion euros ($2.6 billion), while revenues fell 9.3% to 27.4 billion euros.

Engie said it would step up its sale of non-core units, review its ‘Client Solutions’ business and accelerate its investment in renewables and infrastructure assets - confirming an earlier Reuters story.

Engie’s shares rose 2.6% in early session trading.

“The board intends to strengthen Engie’s capacity to play a key role in the energy transition. To this end, it is fundamental to clarify the group’s organisation and strategic priorities, including from a geographical standpoint,” Chairman Jean-Pierre Clamadieu said.

“This is the essence of the direction that we are presenting today and that will constitute the roadmap for the new CEO, to be announced soon,” he added.

$1 = 0.8415 euros Reporting by Benjamin Mallet; Editing by Edmund Blair

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