PARIS, Nov 7 Reuters French utility Engie posted an 18 jump in thirdquarter earnings on Thursday, citing strong renewable and hydropower output as well as increased profit from investments and infrastructure.
The company, which sells and trades electricity and gas, said thirdquarter earnings before interest and tax EBIT, excluding nuclear, reached 1.47 billion euros 1.58 billion.
Shares in the company were up 0.8 by 0720 GMT.
Engie has benefited from high rainfall this year, boosting hydropower output in France and Portugal, providing cheap flexible generation in Chile. The Flex Gen business encompasses energy production from thermal power plants, battery storage and hydrogen production.
Its renewables business contributed most to profit at 479 million euros, it said, up 48 year on year. The division owns hydropower plants and a growing number of wind and solar farm assets.
CFO PierreFrancois Riolacci told reporters its gas trading arm, Global Energy Management and Sales GEMS, more than doubled earnings from the same period last year.
The company confirmed its previous guidance and said fullyear net recurring income would be at the higher end of its 5 billion to 5.6 billion euro range.
1 0.9299 euros
Reporting by Forrest Crellin Editing by Himani Sarkar and David Goodman
Source Reuters