PERTH (SCOTLAND) (dpa-AFX) - Electric utility SSE plc (SSE.L) reported Wednesday that its first-half pre-tax profit was 128.9 million pounds, compared to loss of 284.6 million pounds last year. Earnings per share from continuing operations were 6.2 pence, compared to loss of 26.4 pence a year ago.
Adjusted pre-tax profit for the six months was 263.4 million pounds, compared to 229.4 million pounds in the same period last year. Adjusted earnings per share were 18.0 pence, compared to 16.4 pence a year ago.
Total reported operating profit was 347.5 million pounds, compared to operating loss of 184.6 million pounds a year ago. Adjusted operating profit from continuing operations were 491.9 million ponds, compared to 431.3 million pounds last year.
Total revenue from continuing operations declined to 3.05 billion pounds from 3.32 billion pounds last year.
The company has proposed an interim dividend of 24.0 pence per ordinary share, down 18 percent, reflecting dividend policy outlined in May 2018.
SSE said its intention is to recommend a full-year dividend of 80 pence per share, with the interim dividend of 24 pence per share to be paid on 13 March 2020.
Looking ahead, SSE said its forecast in September 2019 was for full-year adjusted earnings per share of about 80 pence to 85 pence, taking into account the impact of holding its interest in Gas Production for sale.
Gas production interests comprise assets and hedging contracts. The company noted that the structure of the proposed disposal means the hedging contracts will be retained and are not accounted for as held for sale.
The company estimated this will add around 3 pence to its previous forecast for full-year adjusted earnings per share, taking it to a range of around 83 pence to 88 pence.
Copyright RTT News/dpa-AFX