innogy: first-half in line, confirms 2018 outlook
(CercleFinance.com) - German energy group innogy confirmed its outlook for full year 2018 on Friday after reporting first-half results that are in line with expectations.
The utility group - which is being taken over by bigger rival E.ON - said adjusted EBIT for the first six months of the year fell by 10% to 1.55 billion euros.
Adjusted net income fell 23% to 662 million euros, due to the non-recurrence of positive one-off effects in 2017, as well as an unexpected commodity price increase resulting from cold weather in the Netherlands.
The group also said that its retail business was facing increasing competition.
For 2018, group adjusted EBIT is still expected to reach about 2.7 billion euros, in line with indications provided by the group at the end of 2017.
The innogy share is currently down 0.2% at 37.5 euros on the Frankfurt Stock Exchange.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The utility group - which is being taken over by bigger rival E.ON - said adjusted EBIT for the first six months of the year fell by 10% to 1.55 billion euros.
Adjusted net income fell 23% to 662 million euros, due to the non-recurrence of positive one-off effects in 2017, as well as an unexpected commodity price increase resulting from cold weather in the Netherlands.
The group also said that its retail business was facing increasing competition.
For 2018, group adjusted EBIT is still expected to reach about 2.7 billion euros, in line with indications provided by the group at the end of 2017.
The innogy share is currently down 0.2% at 37.5 euros on the Frankfurt Stock Exchange.
Copyright (c) 2018 CercleFinance.com. All rights reserved.