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Innogy H1 Profit Down, Volume Rises; Backs Weak Earnings View For FY19

Innogy SE (IGY.DE), a German energy utility, reported Friday that its first-half net income attributable to shareholders declined 21.1 percent to 671 million euros from last year's 850 million euros.

Adjusted net income was 488 million euros, compared to 662 million euros last year. Adjusted EBITDA dropped 5.1 percent from the prior year to 2.14 billion euros.

The company noted that the weak earnings reflected primarily the expected decline in earnings from the UK retail business and sale of the Czech gas grid business.

External revenue dropped 1.7 percent to 19.03 billion euros from last year's 19.36 billion euros.

External gas sales volume was 127.4 billion kWh, up 3.4 percent from 123.2 billion kWh last year.

Further, the company confirmed outlook for 2019.

innogy continues to expect adjusted EBIT of about 2.3 billion euros for the current fiscal year, lower than prior year's 2.63 billion euros.

Adjusted net income is still expected to be about 850 million euros, below the previous year's 1.03 billion euros.

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