Dynegy’s Loss Narrows in Second Quarter
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Dynegy Inc., a U.S. utility owner and power producer, said its second-quarter loss narrowed to $290 million as the company exited the money-losing energy-trading and telecommunications businesses.
The net loss was equal to $1 a share, compared with a loss of $561 million, or $1.76 a share, a year earlier, Houston-based Dynegy said. Revenue fell to $1.05 billion from $1.36 billion. Energy trading and communications, which Dynegy called discontinued operations, had a combined loss of $240 million.
The company was close to seeking bankruptcy protection after a $2.74-billion loss last year and incurred billions of dollars in costs to exit an energy-trading business that collapsed last year after Enron Corp.’s demise.
Shares of Dynegy rose 19 cents to $3.84 on the NYSE.
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