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National Grid reports 14 pct rise in FY adjusted operating profit
May 18, 2017 / 6:59 AM / 6 months ago

National Grid reports 14 pct rise in FY adjusted operating profit

May 18 (Reuters) - National Grid Plc said full-year adjusted operating profit rose 14 percent, helped by strong growth in its UK power transmission units and “favourable timing” in the UK and U.S. businesses partly related to the weather.

The power grid operator’s adjusted operating profit rose to 4.7 billion pounds ($6.08 billion) for the year ended March 31. Excluding benefits from timing, operating profit rose 5 percent to 4.3 billion pounds.

The company, which favoured Britain to remain in the European Union due to benefits to energy consumers, said its UK transmission business contributed 1.37 billion pounds ($1.77 billion) to group operating profit as electricity prices rose due to supply shortages.

Total capital investment across the group rose 504 million pounds to 4.45 billion pounds from the prior year. ($1 = 0.7728 pounds) (Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Gopakumar Warrier)

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