By Giulia Petroni
Engie SA said Friday that net profit dropped in the first half of 2020 as its financial performance was significantly hit by Covid-19, and provided guidance for the full year.
The French energy company said net profit in the period was 24 million euros ($28.4 million) from EUR2.08 billion in the year-earlier period.
Revenues decreased to EUR27.43 billion from EUR30.25 billion.
Earnings before interest, taxes, depreciation and amortization came in at EUR4.48 billion from EUR5.32 billion the year prior.
"Results for the first half of 2020, and in particular for the second quarter, were down significantly with an estimated [current operating income] impact of about EUR0.85 billion due to the unprecedented Covid-19 crisis," the company said.
Looking at 2020, Engie said it expects net recurring income to be between EUR1.7 billion and EUR1.9 billion and capital expenditure between EUR7.5 billion and EUR8 billion. Guidance assumes a continued, gradual return to normal across geographies.
A new chief executive officer is expected to be appointed in September and potentially start by the end of the year, it said.
Write to Giulia Petroni at email@example.com