International Power is boosted by strong sales in Asia and Oz
ELECTRICITY producer International Power said yesterday it made a pre-tax profit of £579m, up from £2m in the same period from the year before, boosted by sales in Asia and Australia.
The company said operating profit for the six months to 30 June was up 12 per cent to £555m, beating analysts’ estimates.
“All divisions performed ahead of our expectations, especially Australia and Asia, and we believe that this is a very strong underlying first half,” Morgan Stanley said in a note.
But the group, which has interests in more than 45 power stations and related businesses globally, said the rise was just two per cent when currency effects were stripped out.
“The half-year results reflect good operating performance across our international portfolio with increased contributions from Australia and Asia,” International Power’s chief executive Philip Cox said.