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2 months ago
Innogy says prospects for Npower worsens, won't make a profit
May 12, 2017 / 5:12 AM / 2 months ago

Innogy says prospects for Npower worsens, won't make a profit

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FRANKFURT, May 12 (Reuters) - Innogy, Germany's largest energy group, on Friday warned prospects in the British retail market sharply deteriorated as a result of fierce competition, adding it no longer expected its troubled Npower unit to turn a profit there.

First-quarter adjusted earnings before interest and tax (EBIT) at Npower plunged 74 percent to 34 million euros ($37 million), Innogy said in its annual report. Npower accounts for less than 3 percent of Innogy's adjusted EBIT. ($1 = 0.9200 euros) (Reporting by Christoph Steitz; Editing by Harro ten Wolde)

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