Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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

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.

Click here to receive FREE breaking news email alerts for RWE AG and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Specialty drugmaker Horizon Pharma plc (HZNP) on Friday managed to redomicile itself as an entity incorporated in Ireland following the completion of its $660 million acquisition of Vidara Therapeutics International plc. The deal will help it avoid paying the high rate of U.S. corporate taxes. The... Stocks showed a lack of direction over the course of the trading day on Friday after failing to sustain an initial upward move. Despite the choppy trading, the Dow once again managed to end the session at a new record closing high. The major averages turned in a mixed performance on the day. President Barack Obama delivered a statement Thursday evening thanking members of Congress for voting to approve legislation granting the U.S. military the authority to train and arm moderate Syrian rebels fighting against the terrorist group known as the Islamic State.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.