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