Profits Dip at German Utility Giant RWE

Positive results in RWE's electricity supply division helped mask losses associated with the aggressive acquisition shopping spree undertaken by the company in 2002. On Wednesday, the company released its preliminary earnings figures for 2002, reporting revenues of close to 1 billion euros, a 22 percent decline over the previous year. The company attributed the diminished profits to write offs and special charges relating to the acquisitions. RWE is now seeking to sell its majority shares in printer manufacturing giant Heidelberger Druckmaschinen and the Hochtief construction company.