National Grid Posts Drop In Full-Year Profit

National Grid PLC NGGTF posted a 3% drop in its full-year operating profit. National Grid's operating profit before exceptional items fell to GBP3.495 billion, from GBP3.6 billion, in the year-ago period. However, analysts were expecting an operating profit of GBP3.49 billion. Net profit attributable to equity shareholders fell 5.7% to GBP2.04 billion from GBP2.16 billion. Its revenue declined 3.6% to GBP13.83 billion from GBP14.34 billion. National Grid shares closed at $10.73 yesterday.