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Innogy 9M Net Profit Climbs, Adj. EBITDA Down; Cuts FY19 Adj. Earnings View

German energy utility Innogy SE (IGY.DE), which is majority owned by E.ON, reported Thursday that its nine-month net income attributable to shareholders surged to 527 million euros from 217 million euros last year.

Income from discontinued operations was 307 million euros, up from 276 million euros a year ago. Income from continuing operations grew to 426 million euros from 199 million euros last year.

The 76.8 percent shares in innogy held by RWE were transferred to E.ON on September 18. This has resulted in significant structural effects.

Adjusted net income came in at 212 million euros, compared to previous year's 458 million euros.

Adjusted EBIT fell 27.1 percent to 1.06 billion euros, and adjusted EBITDA dropped 10 percent to 1.99 billion euros.

External revenue edged down 1.1 percent to 24.139 billion euros from last year's 24.412 billion euros.

External electricity sales volume dropped 8 percent to 164.4 Twh, while external gas sales volume grew 3.6 percent to 127.9 Twh.

Looking ahead for fiscal 2019, the company now expects adjusted net income of about 400 million euros, down from previously expected about 800 million euros. Adjusted EBIT is now expected to be about 1.60 billion euros, lower than about 2.20 billion euros expected earlier.

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