Verbund turnover shoots up

Verbund AG has achieved a better turnover and higher earnings.The company – Austria’s busiest energy provider – said today (Thurs) its turnover rose by 13.8 per cent to 917.7 million Euros from the first quarter of last year to the same period of 2011. The firm added that earnings before interest and taxes (Ebit) jumped by 11 per cent to 215.8 million Euros at the same time. Verbund’s net profit meanwhile dropped by 9.5 per cent to 108.5 million Euros.The company – in which the Republic of Austria holds a 51 per cent interest – explained it expected its annual performance to resemble the figures it achieved last year. Verbund had a turnover of 3.3 billion Euros in 2010, while it reached earnings before interest, taxes, depreciation and amortisation (Ebitda) of 1.06 billion Euros. The firm has around 230,000 customers.Wolfgang Anzengruber took over from Michael Pistauer as Verbund board chairman in January 2009. Anzengruber’s name was mentioned by newspapers when they speculated about possible changes in the cabinet of ministers of the People’s Party (ÖVP). The government party is headed by Foreign Minister Michael Spindelegger after Josef Pröll’s resignation earlier this month.Spindelegger nominated some new ministers while Reinhold Mitterlehner remained in charge as economy minister. Anzengruber was considered as a potential successor if Mitterlehner becomes new finance minister instead of Pröll. Former Interior Minister Maria Fekter was eventually nominated as the country’s new finance minister.One Verbund share was worth 30.99 on the Vienna Stock Exchange (WBAG) at 11am today, up from 30.84 Euros on 25 March and 26.60 Euros on 2 March. Verbund has been quoted on the WBAG since 1988.Verbund was established in 1947. The company, which has its headquarters in Vienna, runs 126 power plants.