OEZVY Verbund AG (PK)

By Olivia Bugault

Verbund AG said Thursday that profit rose in its first nine months and raised its guidance for the year.

The Austrian electricity company posted a profit of 477.7 million ($560 million) during the period, compared with a profit of EUR450.9 million the year prior.

Revenue fell 11% to EUR2.52 billion. Verbund said it benefited from reduced interest expenses after making sizable debt repayments the prior year.

Verbund now expects earnings before interest, taxes, depreciation, and amortization for the year to come between roughly EUR1.24 billion and EUR1.3 billion, compared with a previous forecast of EUR1.15 billion to EUR1.25 billion.

Profit should be between around EUR570 million and EUR610 million compared with a previous range of EUR510 million-EUR570 million, it said.

Write to Olivia Bugault at olivia.bugault@wsj.com

(END) Dow Jones Newswires

November 05, 2020 04:27 ET (09:27 GMT)

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