National Grid US profits hit by storm costs and negative ‘MTM’ in FY ending March 31

摘要

National Grid’s US operations saw profits slide 31.7% to ￡894nmillion (pre-tax) in the fiscal year ending March 31, mainly on an￡675 million negative swing in unrealized “mark-to-market”nimpacts from a ￡232 million gain to a ￡443 loss (pre-tax).nWithout that MTM — which Grid calls “remeasurement” —nother “exceptional items” and US stranded cost recovery, USnpre-tax operating profit would have improved 23.4% to ￡1.04nbillion, the company reported May 14.