SSE PLC (SSE.LN) said Wednesday had joined a pre-half loss during the first half of 2019 financially, and intended to consolidate its renewable energy assets at U.K. and Ireland as SSE Renewables.
The energy company said that the creation of SSE Renewables is a step towards being a leading energy business in a low carbon world. The new entity will have its own management team while the group's operational assets are expected to total over four gigabytes as at 31 March 2019.
During the six months ending on September 30, SSE recorded a loss of 265.3 million pounds ($ 340.6 million), compared to an earlier profit of GBP409.3 million in the earlier year.
Revenue declined 69% to GBP3.33 billion during the first half of the year, says SSE. The company also recorded a net loss of GBP291 million, compared to a net profit of GBP299.8 million in the earlier year.
In its interim results in 2018, SSE announced that he had agreed to merge SSE Energy Services, its home energy and services business, with the retail department of Innogy SE (IGY.XE) U.K., Npower.
However, last week the company said that completion of the merger is likely to be deferred beyond the first quarter of 2019 as it assesses possible changes to the commercial terms of the bargain, indicating recent market developments.
Responsible for the disclosure of his SSE Energy Business, the company said that there was a 41% reduction in pre-set profits after adjusting to GBP246.4 million, from GBP416.7 million in the previous year.
SSE declared a temporary dividend of 29.3 pence and share, up 3.2% from 28.4 pence in the same period a year ago. The company said that it was still with the intention to recommend a full year dividend of 97.5 pence and share and deliver its five-year dividend plan announced earlier.