SSE puts stake in gas distribution network up for sale

LONDON, May 18 (Reuters) - Britain's second-biggest energy supplier, SSE (LSE: SSE.L - news) , said on Wednesday it was considering selling up to a third of its 50-percent ownership gas distribution business SGN to raise cash for shareholders or to reinvest.

The utility also reported a 3.3 percent fall in adjusted pre-tax profit to 1.5 billion pounds ($2.16 billion) for the financial year ending March 31 after it took one-off charges of 889.8 million pounds, mainly relating to impairments on its coal and gas-fired power plants.

Its energy supply unit saw an 8.2 percent rise in annual operating profit to 398.9 million pounds due to an increase in business customers. However, operating profit in its household energy supply business declined because of falling customer numbers and lower demand, SSE said. ($1 = 0.6931 pounds) (Reporting by Karolin Schaps, editing by Louise Heavens)