July 30, 2020 / 6:16 AM / 6 days ago

Hydropower producer Verbund H1 profit down 8% due to pandemic, low water levels

VIENNA, July 30 (Reuters) - Austrian hydropower producer Verbund on Thursday posted an 8% fall in its first-half net profit as wholesale prices fell in the wake of the coronavirus pandemic and water supply was low.

Net profit was at 310.4 million euros ($365 million) in the January-June period, Verbund said.

The country’s largest utility changed its 2020 profit forecast a second time this year due to the effects of the coronavirus pandemic and now forecasts net profit in a range of 510-570 million euros. In May the firm guided for 470-560 million euros. ($1 = 0.8504 euros) (Reporting by Kirsti Knolle Editing by Michelle Martin)

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