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Reliant's Net Income Falls 14% in 1st Quarter

IN BRIEF / ENERGY

April 30, 2002|Bloomberg News

Texas power company Reliant Energy Inc. said first-quarter earnings dropped 14% after energy trading profit tumbled by half.

Net income fell to $225.4 million, or 76 cents a share. Revenue fell 34% to $8.73 billion.

Reliant was projected to earn 47 cents in the first quarter.

Shares of Reliant Energy rose 33 cents to $25.30 on the NYSE.

Reliant Energy expects to earn $1.17 to $1.22 a share this year after the spinoff of its trading arm, Reliant Resources Inc., one of the biggest North American natural gas and electricity traders.

Reliant Resources' first-quarter profit rose 19% to $96.9 million, or 33 cents a share, because of an increase in customers after Texas' electricity market opened to competition Jan. 1. Revenue fell 28% to $7.11 billion.

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