RWE posts profit of €273M in Q1, up 250% YoY

Wednesday, 15. May 2019 07:14

German electric utilities company RWE AG reported on Wednesday its net income for the first quarter of the fiscal year 2019 stood at €273 million, jumping 250% compared to the same three months a year ago. The company said its adjusted BITDA was €510 million for the period, rising 71% compared to the first quarter of last

"We’re satisfied with our performance in the first quarter and confirm our goals for the current year. We want to raise our dividend for 2019 to 80 eurocents. We’re on schedule in implementing our transaction with E.ON. The preparation of the integration of the renewables business is also making good progress," said the company's CFO Markus Krebber.

RWE announced it managed to secure a credit agreement of €5 billion early on for the integration of E.ON and innogy. The company noted that once the deal is closed, it will become the second largest offshore wind operator in the world.

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