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Telecoms crash lays National Grid low

Shocking losses at electricity provider...

By Sonya Rabbitte

Published: 30 May 2002 10:35 BST

The National Grid has posted a second half loss after writing down its investments in telecoms companies including Energis.

The company posted a net loss of £369.3m, or 23.9p per share. For the full year the company posted a £493m loss, or 32.3p per share, compared to a profit of £664.2m or 43p per share the previous year.

The company was forced to write down £754.5m of telecoms assets including a £350m hit relating to UK business telco Energis.

Shares remained stable, rising 0.2 per cent to 500.25p by 10:30(BST).

The company is now banking on its recent £18bn purchase of gas pipeline company Lattice to boost its revenue and fund further expansion plans.

For related news, see:
BT eyes up failed Energis division
http://www.silicon.com/a 53270
Energis on the brink of sale

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