Engie posts lower revenue

French utility and LNG player Engie on Thursday said its nine-month revenues dropped 11.1% year-on-year to 47.5 billion euros.

Engie attributed the drop mainly to lower commodity prices which impacted exploration and production, retail businesses, gas and LNG activities and power generation businesses.

Earnings before interest, tax, depreciation and amortisation (Ebitda) fell 2 percent to 7.7 billion euros.

Ebitda of segment Global Energy Management & Global LNG declined almost 40 percent to 6.16 billion euros.

The decrease was “mainly due to more important gas supply contracts renegotiations in 2015 than in 2016 and to the sharp fall in LNG trading margins, particularly with shipments from Yemen halted as from April 2015,” Engie said.

1 Euro = 1.09306 U.S. dollars

LNG World News Staff