National Grid Full-Year Profit Declines

reported a drop in its profit for its financial year ended March 31. National Grid's net profit for the year declined to 2.02 billion pounds ($3.12 billion), versus a year-ago profit of GBP2.48 billion. Its profit before tax slipped to 2.628 billion pounds from 2.748 billion pounds, while adjusted pre-tax profit gained to 2.876 billion pounds from 2.584 billion pounds. Its revenue gained 2.6 percent to GBP15.2 billion, while operating profit climbed 5 percent to GBP3.86 billion. Chief Executive Steve Holliday said, "We finished the year in a solid position, with a strong cash flow performance, good growth in our asset base and healthy gearing." The company's board recommended a 2.3 percent increase in its final dividend to 28.16 pence per share. National Grid shares rose 0.77 percent to $70.55 in pre-market trading.