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May 13, 1997updated 05 Sep 2016 1:09pm

GERMANY’S RWE REPORTS TELECOMS REVENUES UP 115%

By CBR Staff Writer

German utilities giant RWE AG is predicting a strong fourth quarter and is set to invest heavily in its fast growing telecommunications business. It reported third quarter net profits up 6.8% to the equivalent of $515.2m and states that earnings growth will continue at the same rate at least until the end of the financial year. The biggest revenue growth was seen in RWE’s fledgling telecoms business where revenues grew 115.2% to $476m. Telecoms will also be the center of RWE’s investment plans in the coming months. It will pay a total of $1.3bn into its joint venture o.tel.o, formed with German utilities company, Veba AG.

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