Low Energy Prices Bite Deep For RWE
Fahad Shabbir (@FahadShabbir) Published November 14, 2016 | 01:30 PM
FRANKFURT AM MAIN, , (APP - UrduPoint / Pakistan Point News - 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.
Related Topics
Recent Stories
Tennis: ATP Barcelona Open results - 1st update
Swiatek's perfect 10 in Stuttgart as Vondrousova stuns Sabalenka
Arandu's roads closed due to flooding
Oil tanker catches fire in Islamabad’s Blue Area
Pakistan committed to ensure safety of foreign nationals: FO
Tennis: WTA Stuttgart results - 1st update
Four passengers injured as train hit an empty vehicle
Over- speeding bus crushed to death two bike riders
Turkey's Freedom Flotilla ready to set sail for Gaza
French teen dies from heart failure after knife attack near school
Iranians appear unfazed by Isfahan blasts
UAF celebrates Int'l Chinese Language Day
More Stories From World
-
Turkey's Freedom Flotilla ready to set sail for Gaza
53 minutes ago -
French teen dies from heart failure after knife attack near school
53 minutes ago -
Iranians appear unfazed by Isfahan blasts
1 hour ago -
Ecuador mayor killed ahead of anti-crime referendum: police
1 hour ago -
Croatia top court bars president from becoming next PM
1 hour ago -
Lacking storm drains, Dubai sees persistent flooding
2 hours ago
-
West Bank villagers vigilant but vulnerable after settler attacks
2 hours ago -
Calls for calm after reported Israeli strike on Iran
2 hours ago -
Iran blasts rattle global markets
2 hours ago -
Photography is 'mirror on society': Sebastiao Salgado
2 hours ago -
Zelensky says NATO must choose 'whether we indeed are allies'
2 hours ago -
Kenya mourns defence chief killed in helicopter crash
2 hours ago