Low Energy Prices Bite Deep For RWE

Low energy prices bite deep for RWE

FRANKFURT AM MAIN, , (Pakistan Point News - APP - 14th Nov, 2016 ) - German energy supplier RWE on Monday blamed heavy third-quarter losses on low energy prices, but insisted it could still meet its full-year target. Net income attributable to shareholders was 446 million Euros ($482 million) in the red between July and September, the group said, down from 193 million in profit over the same period in 2015. RWE had already suffered a loss of more than 400 million euros in the second quarter.

Adjusted for special items, the group's net profit stood at 227 million euros between January and September -- a drop of 58 percent year-on-year. "In view of the difficult conditions, above all in conventional electricity generation, we recorded respectable earnings in the first three quarters," chief financial officer Markus Krebber said in a statement. But the group said it would meet its forecast of adjusted net profit between 500 million and 700 million for the whole year.