|
Scottish earnings in line
|
 |
November 3, 1999: 3:50 a.m. ET
ScottishPower warns tough regulators threaten its future
|
LONDON (CNNfn) - ScottishPower, Britain's second-biggest utility in terms of market capitalization, unveiled earnings in line with expectations Wednesday, but warned that the increasingly tough attitude of water and electricity regulators in the United Kingdom could damage its business.
In the six months ending in September, ScottishPower earned £135 million ($222 million) down 29 percent from last year. Much of the decline - some £55 million before tax - was attributable to a one-time charge for exiting operations. Operating profits at the company were virtually unchanged at £325 million, against £324 million last year, while sales rose 6 percent to £1.53 billion.
Adjusted earnings per share for the period inched ahead to 16.32 pence, and the half-year dividend was raised 10 percent to 8.27 pence per share.
The firm noted ongoing pricing and regulatory reviews by the U.K. electricity and water watchdogs, which it claimed "would have serious implications for customer service, infrastructure investment and shareholder returns." The company is urging regulators to adjust their current stance.
Scottish reported that its £4.7 billion takeover of U.S. utility PacifiCorp (PPW) is still progressing, and currently awaits the regulatory nod from just two U.S. states - Idaho and Utah - before the deal can be inked. Scottish expects completion by the end of the year.
ScottishPower executives are currently on an investor roadshow, attempting to drum up interest in the upcoming partial flotation of the company's telecom and Internet subsidiary, now known as Thus.
ScottishPower (SPW) stock dipped 1.2 percent to 570 pence in London.
|
|
|
|
|
|
ScottishPower
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
