Uniper SE (UNPRF.PK), a German electrical utility company, on Wednesday said that it expects to report a loss for the first quarter, below the current market expectations mainly due to gas storage optimization.
Meanwhile, the company said its earnings expectations for the fiscal 2022 will remain unchanged.
For the first quarter of 2022, preliminary net loss of the company was reported at 3 billion euros. The results reflect impairment charges of around 2 billion euros, mainly related to the Nord Stream 2 loan and Uniper's Russian subsidiary Unipro.
For the first quarter of 2022, the company reported its preliminary adjusted loss at 615 million euros, compared with an adjusted income of 594 million, reported for the same period of 2021.
The company also posted its preliminary adjusted loss before interest and taxes at around 830 million euros, compared with an adjusted EBIT of 731 million euros of last year.
The energy Group said that the decline in earnings is mainly attributable to the gas mid-stream business, in particular due to gas storage optimization.
"In view of the current market environment, Uniper has reduced its anticipated gas storage withdrawals in the first quarter to the benefit of future quarters," the company said in a statement.
The gas storage optimization is also expected to results in a major earnings shift from the first quarter into the remaining quarters of 2022. However, it will allow Uniper to hold higher gas volumes in reserve, thereby contributing to security of supply.
Looking ahead, for the fiscal 2022, the Group has reaffirmed its outlook. The company still expects its adjusted income to be in the range of 0.8 billion euros to 1.1 billion euros with an adjusted EBIT of 1.0 billion euros to 1.3 billion euros.
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