August 10, 2018 / 8:51 AM / in 8 months

Innogy expects e-mobility unit to become profitable next decade

FRANKFURT, Aug 10 (Reuters) - German energy group Innogy expects its business with electric cars to swing to profit at the start of the next decade, its chief financial officer told journalists on Friday.

Innogy, which recently started to break out results for the unit, said it made an adjusted loss before interest and tax of 16 million euros ($18 million) in the first half of 2018, due to ramp up costs and the hiring of new staff.

“That’s usually the case if you start a new business in our industry,” CFO Bernhard Guenther said, adding the unit - which provides charging stations for battery-powered vehicles - would likely become profitable at the turn of the decade. ($1 = 0.8731 euros) (Reporting by Christoph Steitz Editing by Douglas Busvine)

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