Uniper's Shares Rise as Utility Swings to Nine-Month Profit
31 Ottobre 2023 - 10:51AM
Dow Jones News
By Giulia Petroni
Shares in Germany's Uniper rose on Tuesday after the bailed-out
utility swung to a profit in the first nine months of the year as
declining commodity prices positively affected future
provisions.
At 0906 GMT, the stock traded 6.4% higher at EUR4.71.
Net profit was 9.77 billion euros ($10.37 billion) in the
period, from a loss of EUR40.3 billion in the year-earlier period,
when the company had to be rescued by the German government after
incurring record losses due to Russian gas curtailments and
skyrocketing prices on the spot market.
"This result and the outlook are literally extraordinary, and I
don't expect that we'll see earnings figures of this magnitude in
the next few years, although we're looking ahead with optimism,"
said Chief Financial Officer Jutta Doenges. "Uniper is a company
with a solid financial position and attractive prospects."
Performance was boosted by lower prices and the resulting change
in the value of derivatives used for hedging purposes, as well as
by the release of provisions for additional anticipated future
losses in the gas portfolio, Uniper said.
The company has recently taken steps that would pave the way to
exit government ownership, including a planned capital reduction to
eliminate accumulated loss from last year and restore dividend
payments.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
October 31, 2023 05:36 ET (09:36 GMT)
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