Austrian utility Verbund AG on Aug. 1 reported EBITDA of €685.9 million in the first half of 2019, up 36.2% from €503.7 million in the same period in 2018.

Operating results totaled €505.8 million, a 45.9% increase from €346.7 million a year ago. On a per share basis, Verbund's earnings were 97 euro cents, compared to 65 euro cents in the prior-year period.

Revenue improved to €1.84 billion in the first half of 2019, from €1.37 billion in the comparable 2018 period. Cash flow from operating activities amounted to €690.7 million, up from €480 million a year ago.

Verbund benefited from higher wholesale electricity prices in the first half due to a sharp increase in the cost of carbon dioxide certificates. Citing a strong business performance, the utility raised its earnings forecast for 2019, expecting EBITDA to amount between approximately €1.18 billion and €1.25 billion.