UN01 Uniper SE

By Giulia Petroni

Shares in Germany's Uniper rose on Tuesday after the bailed-out utility swung to a profit in the first nine months of the year as declining commodity prices positively affected future provisions.

At 0906 GMT, the stock traded 6.4% higher at EUR4.71.

Net profit was 9.77 billion euros ($10.37 billion) in the period, from a loss of EUR40.3 billion in the year-earlier period, when the company had to be rescued by the German government after incurring record losses due to Russian gas curtailments and skyrocketing prices on the spot market.

"This result and the outlook are literally extraordinary, and I don't expect that we'll see earnings figures of this magnitude in the next few years, although we're looking ahead with optimism," said Chief Financial Officer Jutta Doenges. "Uniper is a company with a solid financial position and attractive prospects."

Performance was boosted by lower prices and the resulting change in the value of derivatives used for hedging purposes, as well as by the release of provisions for additional anticipated future losses in the gas portfolio, Uniper said.

The company has recently taken steps that would pave the way to exit government ownership, including a planned capital reduction to eliminate accumulated loss from last year and restore dividend payments.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

October 31, 2023 05:36 ET (09:36 GMT)

Uniper (TG:UN01)
Historical Stock Chart
Von Apr 2024 bis Mai 2024

Uniper (TG:UN01)
Historical Stock Chart
Von Mai 2023 bis Mai 2024