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Oil Report

Hydropower producer Verbund sees 2020 profit grow more slowly

VIENNA, March 18 (Reuters) - Austrian hydropower producer Verbund said on Wednesday it expects its profit to grow more slowly this year after posting a 28% increase in 2019, which was boosted by a sharp rise in electricity prices.

The Alpine country’s largest utility said it expects a 2020 adjusted group result between 510-630 million euros ($561-$693 million) after reaching 555 million euros last year.

Verbund said it would propose a dividend of 0.69 euros per share for 2019 and plans a payout ratio of 40-50% for 2020.

$1 = 0.9085 euros Reporting by Kirsti Knolle; editing by Thomas Seythal

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