RRI Energy 2Q Profit Surges

3 August 2009 (Last Updated August 3rd, 2009 18:30)

US-based Power generator RRI Energy said its second-quarter profit more than doubled, driven by revenue from the sale of a business earlier this year. Quarterly earnings rose to $803.6m, or $2.29 per share, compared with $358.7m, or $1.01 per share during the same period last year.

US-based Power generator RRI Energy said its second-quarter profit more than doubled, driven by revenue from the sale of a business earlier this year.

Quarterly earnings rose to $803.6m, or $2.29 per share, compared with $358.7m, or $1.01 per share during the same period last year.

Results include an income of $907.3m, or $2.59 per share from the performance of the Texas retail business, which was sold to NRG Energy on 1 May.

Excluding discontinued operations, RRI Energy posted an adjusted loss from continuing operations of $103.7m, or 30 cents per share.

The company said the loss was driven by smaller margins resulting from lower commodity prices and declining demand for power.