Verbund 1st Half Earnings Rose; Raises 2021 Outlook

By Cecilia Butini

Austrian electricity company Verbund AG said Thursday that earnings rose in the first half, boosted by higher wholesale electricity prices on the spot markets, though revenue fell, and that it has raised its outlook for the full year.

The company posted a net profit of 324.5 million euros ($384.3 million), up from EUR310.4 million for the same period the previous year.

Earnings before interest, taxes, depreciation and amortization rose to EUR654.9 million in the period from EUR639 million in the prior-year period.

Revenue declined to EUR1 billion from EUR1.71 billion for the same period of 2020.

Based on the average own generation from hydropower and wind power in the third and fourth quarters, Verbund expects Ebitda for 2021 of around EUR1.31 billion to EUR1.41 billion, up from around EUR1.13 billion-EUR1.30 billion previously, it said. Full-year profit is expected to be between EUR590 million and EUR660 million, the company said. It was previously forecast at between EUR480 million and EUR590 million.

Write to Cecilia Butini at [e-mail]

(END) Dow Jones Newswires

July 29, 2021 05:31 ET (09:31 GMT)

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