EnglishRWE AG, the second largest utilities supplier in Germany, has announced a five-fold increase in profit for the third quarter, following a two-fold increase in the price of electricity. Moreover, in 2007, RWE was affected by certain taxes, which amounted to 256 million EUR. The company"s net profit reached 1.06 billion EUR (1.35 billion USD) or 1.97 EUR/share, from 202 million EUR or 36 cents per share in the third quarter of 2007. Analysts were expecting 840 million EUR. In the reporting period, RWE sales gained 16% to 9.47 billion EUR, below the forecast 9.68 billion USD. RWE currently secured 58% of their turnover in Germany. For the full year, RWE has projected a 10% increase in sales. Their shares decreased by 29% on the Frankfurt Stock Exchange, compared to the 36% loss of the E ON AG shares, which is the largest utilities supplier in Germany. E ON"s results will be released today.
RWE Profit Up Five Times
F.A.
Ziarul BURSA #English Section / 13 noiembrie 2008
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