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RWE's Trading Division Profit Declines 91% on Lower Gas Prices
2010-11-11 13:02:06.705 GMT
By Catherine Airlie
Nov. 11 (Bloomberg) -- RWE AG's supply and trading division
said operating profit fell 91 percent on lower gas prices.
RWE Supply & Trading's operating net, which includes its
trading and midstream gas activities, was 67 million euros ($92
million) for the nine months through September, down from 760
million euros last year, the company said in a statement today.
There have been "heavy burdens" this year as "gas sale
prices are much lower than our oil-indexed procurement costs,"
RWE said in the statement. There was a steep drop in earnings
from the gas midstream business, "which had benefited from
positive one-off effects a year earlier," it said.
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Editors: Mike Anderson, Randall Hackley.
To contact the reporter on this story:
Catherine Airlie at +44-20-7073-3308 or
cairlie@bloomberg.net
To contact the editor responsible for this story:
Stephen Voss at +44-20-7073-3520 or sev@bloomberg.net
