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Uniper raises outlook on strong commodities business

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·1-min read
FILE PHOTO: The logo of German energy utility company Uniper SE is pictured in the company's headquarters in Duesseldorf
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BERLIN (Reuters) - German utility Uniper on Tuesday hiked its guidance for full-year operating profit, boosted by its global commodities business which drove earnings in the first quarter.

The company, majority-owned by Finland's Fortum, said it now expected 2021 adjusted earnings before interest and tax (EBIT) between 800 million and 1.05 billion euros ($966 million to $1.27 billion).

It previously expected 700 to 950 million euros.

First-quarter adjusted EBIT rose to about 730 million euros from 651 million, mainly due to extraordinary gains from the international business of the Global Commodities segment, Uniper said.

Shares in the company rose 1.8% on the news.

Fortum, which owns 76% of Uniper, last month tightened its grip on the German firm, which was spun off from E.ON in 2016, filling key leadership positions, including chairman and finance chief.

The Finnish group has pledged not to squeeze out minorities or seek a domination agreement before 2022.

($1 = 0.8285 euros)

(Reporting by Maria Sheahan and Christoph Steitz; Editing by Riham Alkousaa and Edmund Blair)