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PG&E Earnings Drop in Second Quarter

July 16, 1998|Reuters

PG&E Corp., the parent of Pacific Gas & Electric Co., said its second-quarter earnings fell due to the deregulation of California's electricity market and the sale of its Australian natural gas assets. PG&E reported second-quarter earnings of $174 million, or 46 cents per share, compared with $193 million, or 49 cents, a year earlier. Because of a lower rate of exchange between the Australian and U.S. dollar, the sale resulted in a 6-cent-per-share charge against the quarter's earnings, the company said. Operating revenue for the quarter rose to $4.79 billion from $3.08 billion a year earlier. PG&E said the results also reflect how its utility subsidiary must account for revenue because of regulatory changes. PG&E shares fell 13 cents to close at $31.50 on the NYSE.

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