BR100 3,787 Increased By ▲ 50 (1.35%)
BR30 19,375 Increased By ▲ 273 (1.43%)
KSE100 36,619 Increased By ▲ 428 (1.18%)
KSE30 15,901 Increased By ▲ 207 (1.32%)
COVID-19 TOTAL DAILY
CASES 251,625 2753
DEATHS 5,266 69
Sindh 105,533 Cases
Punjab 87,043 Cases
Balochistan 11,185 Cases
Islamabad 14,108 Cases
KP 30,486 Cases
Markets

RWE shares hit 4-1/2-year high on outlook lift

FRANKFURT: RWE, Germany's largest electricity producer, on Tuesday raised its profit outlook for 2019 due to a stronger-

Jul 30 2019

FRANKFURT: RWE, Germany's largest electricity producer, on Tuesday raised its profit outlook for 2019 due to a stronger-than-expected performance at its volatile energy trading unit.

Shares in the utility rose as much as 3.3% after the news, hitting their highest since Dec. 22, 2014. At 0734 GMT, they were up 1.4%, the second-best performer among German blue-chip stocks.

RWE's Supply & Trading unit achieved core earnings of more than 400 million euros ($445 million) in the first six months of 2019, the utility said in a statement ahead of first-half results scheduled for Aug. 14.

For the whole group, RWE now expects adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of 1.4 billion to 1.7 billion euros ($1.6-$1.9 billion), while adjusted net income is seen at 0.5 billion to 0.8 billion euros.

This compares with a previous outlook for 1.2 billion to 1.5 billion euros of adjusted EBITDA and 0.3 billion to 0.6 billion euros for adjusted net income.

Copyright Reuters, 2019