Uniper swings to loss on derivative devaluation

Market trading boards are seen at the Australian Securities Exchange in Sydney, Friday, February 9, 2018. ( AAP Image/Ben Rushton) NO ARCHIVING

Uniper SE (UN01.XE) said Tuesday that it swung to a loss in the first half of the year, citing the revaluation of commodity derivatives.

The German energy company posted a net loss of 546 million euros ($630.9 million) in the first half compared with a net profit of EUR967 million a year earlier.

Sales fell around 3.6% to EUR35.97 billion, the company said.

Uniper said losses on derivatives, which it uses to hedge against commodity-price fluctuations, increased to EUR8.12 billion from EUR6.23 billion a year earlier.

Chief Financial Officer Christopher Delbrueck said the company reaffirmed its outlook and dividend proposal for 2018.

Uniper said Fortum Oyj’s (FORTUM.HE) Chief Financial Officer Markus Rauramo has joined the supervisory board.

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