Uniper Swings to Profit as Lower Commodity Prices Boost Performance
31 Ottobre 2023 - 8:23AM
Dow Jones News
By Giulia Petroni
German utility Uniper swung to a profit in the first nine months
of the year, when its performance benefited from lower commodity
prices and hedging transactions tied to its power-generation and
gas midstream businesses.
The company said Tuesday that it registered a net profit of 9.77
billion euros ($10.37 billion) in the period compared with a loss
of EUR40.31 billion a year prior. The result was strongly
influenced by lower prices and the resulting change in the value of
derivatives used for hedging purposes, as well as by the complete
release of provisions for additional anticipated future losses in
the gas portfolio.
No additional costs for gas replacement procurement were
incurred in the period, Uniper said.
As anticipated during preliminary results, adjusted net profit
was EUR3.74 billion, while adjusted earnings before interest and
taxes came in at EUR5.48 billion. Uniper confirmed that it expects
adjusted net profit between EUR4 billion and EUR5 billion and
adjusted EBIT of EUR6 billion-EUR7 billion in the full year.
The utility was bailed out by the German government last year
after incurring in record losses due to Russian gas curtailments
and high prices on the spot market, and has since then taken steps
that pave the way to exit government ownership.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
October 31, 2023 03:08 ET (07:08 GMT)
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