December 17, 2018 / 7:56 AM / a month ago

Innogy cuts outlook after joint venture talks with SSE collapse

FILE PHOTO: Innogy logo before the company's annual news conference in Essen, Germany March 12, 2018. REUTERS/Wolfgang Rattay

FRANKFURT (Reuters) - Innogy (IGY.DE) on Monday cut its outlook for the current year after talks to create a British energy retail joint venture with SSE (SSE.L) collapsed, leaving the German group with the local loss-making unit.

Including its British retail unit Npower, Innogy now expects adjusted earnings before interest and tax (EBIT) of about 2.6 billion euros (2.3 billion pounds) and adjusted net income of more than 1 billion euros.

It had previously targeted adjusted EBIT of about 2.7 billion euros and adjusted net income of more than 1.1 billion.

Reporting by Christoph Steitz; Editing by Maria Sheahan

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