Austrian utility Verbund posts 12% profit drop

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.

"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
Date: Feb 29, 2012