RWE revenue falls 7.3% to €11.6B in Q1

Tuesday, 15. May 2018 07:29

One of Europe's largest electricity and gas suppliers RWE AG reported on Tuesday external revenue in the first quarter of 2018 fell 7.3% to €11.6 billion compared to the same period a year earlier, below expectations, with adjusted earnings before interest, tax and depreciation and amortization declining 11% to €1.8 billion. "As anticipated, the results in conventional power generation declined, due to lower margins and wholesale prices compared to last year," the German company said in a statement. Meanwhile, net profit dropped 35% to €620 million on earnings per share of €1.01 per share year over year.

"The main events for RWE are the execution of the transaction with E.ON and political discussions about the future outlook for energy policy in Germany. At the same time, we are on track with our operating business: the year started well and we can confirm our outlook for the full year and the targeted dividend for 2018," chief executive officer of RWE Markus Krebber commented on the first quarter results.

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Breaking the News / JC