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Austrian utility Verbund raises 2020 targets on market recovery

Nov 5 (Reuters) - Austria’s largest electricity company Verbund raised its 2020 targets as it reported a rise in nine-month profit, pointing to continued market recovery despite a pandemic-related drop in demand and low water supply at its hydropower plants.

Verbund increased its full-year group profit target by about 10% to a range between 570 million euros ($668.8 million) and 610 million euros.

The Vienna-based company said its nine-month group profit came in at 477.7 million euros, up 6% from the same period last year. ($1 = 0.8523 euros) (Reporting by Zuzanna Szymanska in Gdansk Editing by David Goodman)

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