Revenue up, profit down for Sempra
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Sempra Energy said second-quarter profit fell 26% from last year even as its energy-trading business produced strong results.
The company earned $277 million, or $1.05 a share, compared with $373 million, or $1.43, a year earlier. The 2006 figure included $188 million, or 72 cents a share, from selling a coal-fired power plant in Texas and other assets.
Revenue climbed 7% to $2.66 billion.
Profit from Sempra’s thriving but volatile energy-trading business more than doubled to $155 million from $69 million. Last month, the San Diego-based company agreed to sell a majority stake in the business to Royal Bank of Scotland for $1.35 billion. It expects to complete the transaction during the fourth quarter.
Analysts surveyed by Thomson Financial had expected profit of 83 cents a share, excluding one-time charges.
Shares of Sempra rose $1.50 to $56.35.
Profit at Sempra’s utilities -- Southern California Gas Co. and San Diego Gas & Electric Co. -- slipped to $105 million from $123 million.
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