5/15/2017, 7:48 AM (Source: TeleTrader)
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RWE's adjusted profit falls 17.8% to €689 million

Essen-based power utility RWE AG reported output was almost unchanged in the first quarter on an annual scale. An improved outlook for this year was confirmed and the management said results were in line with expectations, according to a statement issued on Monday. "Our measures to optimize the power plant portfolio are having an effect and the efficiency enhancement program is helping us to partially compensate for the decline in electricity prices," said Markus Krebber, chief financial officer.

Adjusted net income came in at €689 million on adjusted earnings before interest, taxes, depreciation and amortization of €2.13 billion, against €838 million and €2.28 billion, respectively, from the same period of 2016. Net income increased 10% to €946 million or €1.54 per share, and external revenue fell 2.7% to €13.29 billion. Adjusted earnings dropped 17.6% to €1.12 per share. Data relesed by Rheinisch-Westfälisches Elektrizitätswerk showed power generation edged 0.7% up to 57.8 terawatt-hours, external electricity sales ticked 0.1% lower to 70 terawatt-hours and external gas sales volume slipped 1.6% to 95.5 terawatt-hours.

Net debt was lifted by €1 billion both quarter over quarter and on an annual basis, to €23.7 billion, on negative cash flow due to seasonal effects, the statement said.

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