French utility and LNG player Engie remained in the red last year as it booked a hefty write-down due to low power prices and higher nuclear provisions in Belgium.
Engie said Thursday it had booked 3.8 billion euros ($4 billion) worth of impairments in 2016.
The impairments included 1.9 billion euros related to power production activities in merchant markets in Europe, 1 billion euros for the revision of its nuclear decommissioning provisions in Belgium and 600 million euros related to the market environment on some of its global businesses.
Engie posted a net loss of 400 million euros last year. This compares to a net loss of 4.6 billion in 2015.
Revenues fell 4.6 percent to 66.6 billion euros while net recurring income dropped 4.3 percent to 2.5 billion.
Earnings before interest, tax, depreciation and amortisation (Ebitda) of Engie’s Global Energy Management & Global LNG unit declined almost 99 percent to 3 million euros.
The decrease was “mainly due to a greater positive impact of revisions to gas supply conditions in 2015 than in 2016 and the halting of shipments from Yemen as of April 2015,” Engie said.