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RWE H1 Profit Down, But Revenues Up; Backs 2013 View

8/14/2013 1:15 AM ET

German utility company RWE AG (RWEOY) posted a decline in profit for the half year, hurt by impairment loss, despite an increase in external revenues. The group confirmed its outlook for the year 2013.

The group's net income for the half year fell by 38.2 percent to 979 million euros from last year's 1.58 billion euros. The company attributed the decline to the market-induced impairment loss of about 800 million euros recognised for Dutch generation portfolio. Earnings per share slid to 1.59 euros from 2.58 euros.

However, recurrent net income was 1.98 billion euros, an increase of 19.4 percent, compared to 1.66 billion euros a year ago. This is attributable to the one-off effect of the positive Gazprom arbitration decision.

For the first half, operating result increased by 12 percent to 4.1 billion euros, and EBITDA was up 9 percent to 5.5 billion euros.

RWE's external revenue for the first half of the year totaled 28.5 billion euros, higher than 27.09 billion euros last year.

In addition, the Group said it is confirming its forecast for 2013. It still expects operating result of 5.9 billion euros and recurrent net income of 2.4 billion euros.

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by RTT Staff Writer

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