RWE today announced that its operating results increased by 41 per cent to just under €4 bn on a year-over-year basis. The sharp rise was primarily due to the first-time consolidation of VEW and Thames Water, as well as the record result generated by the Group’s Petroleum and Chemicals Division.
Net of these consolidation effects, operating results decreased approximately 6 per cent from the previous year’s level.
As for the electricity business, RWE reports that the negative trend was reversed, made possible by the ongoing cost-cutting initiative and the company’s return-oriented price policy.
Earnings before interest, taxes, depreciation and amortization, advanced approximately 40 per cent to just under €6.6bn. At €1264m, the net profit increased 4.3 per cent from the previous year’s level and thus fell short of the increase in operating result. This resulted from the steep decline in the non-operating result and the financial result. Earnings per share before goodwill amortization were &euro2.90-up some 11 per cent over the prior year.