Austrian utility Verbund posts 12% profit drop


Hydro - Feb 29, 2012

Austrian power group Verbund said Wednesday that 2011 group profit dropped 12 percent to 352.6 million euros ($474.8 million) as foreign currency effects and writedowns offset a satisfactory year.

Revenues rose 16.9 percent to 3.9 billion euros, while operating income soared 20.9 percent to 1.0 billion euros, Verbund said in a statement. Shareholders will receive an unchanged dividend of 0.55 euros per share.


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"Regarding the outlook, given the uncertain macroeconomic and financial environment and the resulting difficult conditions in the energy industry, it is impossible at present to give a serious forecast for earnings in 2012," it said.

Verbund, 51-percent state-owned, produces four-fifths of its electricity from hydropower. It has more than four million electricity customers and is involved in power trading in more than 20 countries.

by Katell Abiven © 2012 AFP

Source : AFP

Published on Global Energy World: Feb 29, 2012

 

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