Romande Energie H1 2013 net profit expands 20.5% Y/Y

Sep 2, 2013 - Swiss company Romande Energie (SWF:HREN) announced today a 20.5% annual increase in net profit to CHF 53 million (USD 56.9m/EUR 43m) in January-June 2013 mainly thanks to a rise in net financial income amid appreciation of the euro against the Swiss franc and to an increase of CHF 16 million in profit from associates.

Gross profit contracted by 9.5% on the year to CHF 123.5 million chiefly due to long-term energy purchases conducted on less favourable terms than at present, the company added. Its decision to keep electricity tariffs unchanged, or where possible to cut them slightly led to a 0.5% fall in the volume of power sold to end-customers, which, in turn, resulted in a 1.9% drop in revenue to a total CHF 284.9 million.

Operating costs fell to CHF 66.3 million in the first half of 2013 from CHF 66.7 million in the same period a year earlier.

As for the group's future plans, Romande Energie remains focused on business in Switzerland, but it is ready to exploit opportunities in France and Germany in the fields of wind power and hydroelectricity.

(CHF 1.0 = USD 1.073/EUR 0.812)

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