RWEOY Rwe Ag (PK)

   By Patrick Costello 
 

RWE AG (RWE.XE) said Wednesday that its adjusted net income rose sharply in the first half of 2019, and backed its 2019 outlook.

The German energy company said its standalone adjusted net income--which excludes the operations of its Innogy subsidiary--amounted to 914 million euros ($1.02 billion) for the first six months of 2019, up nearly 34% from EUR683 million last year, primarily driven by a strong trading performance.

Standalone adjusted earnings before interest, taxes, depreciation and amortization was up roughly 20% in the first half at EUR1.37 billion from EUR1.14 billion last year, it said.

Net income including operations from Innogy rose to EUR830 million in the first half, while adjusted Ebitda including Innogy rose to EUR1.13 billion, RWE said.

Group revenue rose to EUR6.97 billion from EUR6.69 billion, it said.

RWE said its supply-and-trading segment generated an adjusted Ebitda of EUR434 million, up from EUR101 million last year due to a strong trading performance as well as "large contributions" from its gas and LNG business.

RWE backed its 2019 outlook, including an adjusted Ebitda for the year between EUR1.6 billion to EUR1.9 billion

The company said it expects to complete the sale of its renewables division Innogy to Germany's E.ON in September.

Write to Patrick Costello at patrick.costello@dowjones.com.

(END) Dow Jones Newswires

August 14, 2019 02:04 ET (06:04 GMT)

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