Verbund cuts 2020 guidance due to coronavirus effects

VIENNA, May 13 (Reuters) - Austrian hydropower producer Verbund on Wednesday cut its 2020 profit forecast due to the effects of the coronavirus pandemic and posted a 12% fall in first-quarter profit.

The country’s largest utility said it now expects its 2020 group result to come in between 470-560 million euros ($510-$607 million) after previously giving a range of 510-630 million euros.

First-quarter group result came in at 156.5 million euros, due to lower prices following a massive demand drop due to the coronavirus.

“We plan to adhere to our capital expenditure programme and our strategy for the coming three years notwithstanding the crisis,” the company said in its first-quarter report.

$1 = 0.9219 euros Reporting by Kirsti Knolle; editing by Thomas Seythal