RWE posts profit of €591 million in fiscal 2018

Thursday, 14. March 2019 07:18

German electric utilities company RWE AG said on Thursday its adjusted net income amounted to €591 million in fiscal 2018, a significant drop from the €973 million reported a year earlier. Meanwhile, its adjusted EBITDA (earnings before interest, taxes and depreciation and amortisation) fell 28% year over year to €1.5 billion in fiscal 2018. However, the company forecast profits could decline by a fifth this year.

"Our operating business is performing according to plan, and we have a very good financial basis. We will propose a higher dividend of 70 eurocents per share to our shareholders," Chief Executive Officer Rolf Schmitz commented in the financial report.

On its acquisition of fellow German energy company EON's renewable and nuclear generation assets, Schmitz said the transaction "is proceeding well and we want to complete it in the second half of 2019. This means we're on the home straight towards creating the ‘new RWE’, which will have excellent prospects on the global markets."

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Breaking the News / JC