RWE Q1 profit down 59%, EBITDA rises 4.9 percentStaff writer ▼ | May 12, 2016
German utility RWE said its net income for the first quarter fell 59.4 percent to 879 million euros from 2.17 billion euros in the same period last year.
RWE External revenue declined 5.9 percent
Adjusted net income was 857 million euros or 1.39 euros per share, compared to 877 million euros or 1.43 euros per share last year. The previous year's figures included high profits from the sale of securities.
However, EBITDA rose 4.9 percent to 2.31 billion euros and operating result increased 7.1 percent to 1.8 billion euros. This was partly attributable to energy trading, which made an unusually high earnings contribution.
External revenue declined 5.9 percent to 13.66 billion euros from 14.51 billion euros in the prior-year quarter.
For fiscal 2016, RWE Group still expects EBITDA between 5.2 billion and 5.5 billion euros, operating result between 2.8 billion and 3.1 billion euros, and adjusted net income between 0.5 billion and 0.7 billion euros. ■