RWE: upbeat after quarterly results.

(CercleFinance.com) - RWE is currently up 2.
7% in Frankfurt today, and has therefore taken pole position the DAX, after the German energy group unveiled its quarterly results, alongside management's confirmation of their FY targets.

On an adjusted basis, net income fell by 18% to 689 million euros, thus missing the consensus, although EBITDA was only down 6.5% to 2.1 billion euros, on revenues that were down 2.7% at 13.3 billion euros, levels that are in line with expectations.

Chief Financial Officer Markus Krebber said that the group's steps taken to optimise its power plant portfolio are paying off and that its efficiency program is helping RWE to partly offset the decline in electricity prices.



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