RWE has massive rise in profit in first three quarters

Tuesday, 14. November 2017 08:04

Strength has been regained for shaping RWE AG, the Essen-based power utility said on Tuesday. Power output in the first three quarters of the year declined 3.5% on an annual scale, to 152.2 terawatt-hours, with a decrease of 3.3% in gas sales. External revenue came in at €32.39 billion or 2.5% lower.

Adjusted net income was €876 million on adjusted earnings before interest, taxes, depreciation and amortization of €4.18 billion, against €227 million and €3.82 billion, respectively, from the same period of 2016. Total profit landed at €2.22 billion or €3.61 per share, compared to just €11 million and two cents, respectively. For the whole last year, Rheinisch-Westfälisches Elektrizitaetswerk has posted a loss of €5.71 billion in absolute terms.

"Earnings in the trading business have returned to a good level. European power is performing much better in operating terms. We reduced debt significantly, and our rating has stabilized," said chief executive Markus Krebber. Earnings without certain items grew to €1.42 from €0.37 per share. Net liabilities were driven down by €3.3 billion from the beginning of the year, to €19.5 billion, partly due to the nuclear fuel tax refund and lower pension obligations, the company said.

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