Austrian power group EVN posts higher earnings

16th December 2010, Comments 0 comments

Austrian power group EVN said on Thursday it posted higher annual earnings thanks to stronger electricity demand and lower purchasing costs.

EVN reported a year to September 2010 net profit of 207 million euros (273 million dollars).

Underlying profit, as measured by earnings before interest and tax (EBIT), was up 6.9 percent at 187.3 million euros as sales rose 0.9 percent to 2.75 billion euros, a statement said.

"Business in the 2009/2010 business year was characterised by higher sales volumes on the one hand and lower costs for electricity purchases ... on the other," EVN said.

At the same time, the energy supplier saw a rise in material and labour costs, as well as increased write-downs.

In view of the higher earnings, management said it would pay an increased dividend of 0.40 euros per share, compared with 0.37 euros for the previous year.

Looking ahead, EVN said it expected stable revenues and earnings for the current business year to September 2011.

© 2010 AFP

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