Reliant Energy Posts 4th-Quarter Profit
Reliant Energy Inc. had a profit in the fourth quarter after a loss a year earlier from Latin American businesses and investments.
Net income was $46.6 million, or 16 cents a share, contrasted with a loss of $299 million, or $1.04, a year earlier, the company said. Revenue fell 14% to $8.44 billion. Its trading unit’s profit was reduced by $68million, or 17 cents a share, from business with Enron Corp., which filed for bankruptcy protection in December.
Reliant delayed releasing results because of bookkeeping errors at Reliant Resources Inc., the trading business it spun off in April.
Reliant Energy shares rose 36 cents to $24.76 on the NYSE. Reliant Resources gained 69 cents, or 4.9%, to $14.70.
Reliant Resources had fourth-quarter net income of $33.3 million, or 11 cents a share, including Enron costs.
The accounting errors led to a restatement of earnings in the second and third quarters, which added $134 million to net income. Second-quarter income was $316million, or $1.08 a share, and third-quarter income was $355 million, or $1.21.
The trading unit had reported net income of $274 million, or 93 cents, in the second quarter and $290 million, or 99 cents, in the third.
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