December 13, 2016 / 9:12 AM / 7 months ago

MVV Energie sees higher profits as green investments pay off

1 Min Read

FRANKFURT (Reuters) - German local utility MVV Energie (MVVGn.DE) expects a slight increase in operating profit next year, benefiting from investments in biomass and wind capacity as part a broader shift to renewable energy.

"Our consistent strategic focus on the energy system of the future is bearing fruit on a sustainable basis," Chief Executive Georg Mueller said, adding MVV would invest about 300 million euros ($319 million) in the current fiscal year, up from 236 million.

For the fiscal year that ended Sept. 30, MVV posted a 22 percent rise in adjusted earnings before interest and tax (EBIT) to 213 million euros. Sales grew 19 percent to 4.1 billion euros, it added.

($1 = 0.9401 euros)

Reporting by Vera Eckert and Christoph Steitz; Editing by Tina Bellon

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