EnBW Q1 core profit more than doubles on valuation gains

A logo of German power supplier EnBW Energie Baden-Wuertemberg AG is pictured at the companies headquarters in Karlsruhe

FRANKFURT (Reuters) - German utility EnBW on Thursday said its core profit likely more than doubled to 2.8 billion euros ($3.1 billion) in the first quarter, citing gains on derivative positions as a result of a steep decline in energy prices.

First-quarter adjusted net profit likely rose to 2.3 billion euros from 0.6 billion last year, according to preliminary figures, EnBW said.

Final results for the period will be published on May 12, the company said.

($1 = 0.9047 euros)

(Reporting by Christoph Steitz, Editing by Friederike Heine)