Bailed-out gas trader Uniper UN01.DE expects profit to bounce back in 2023 from a record loss last year, it said on Friday, cautioning that any volatility in gas prices would directly filter through as it continues to replace Russian volumes.

Uniper, which has become the biggest casualty of Europe’s energy crisis and was nationalised by the state, said falling gas prices reduced the amount of losses as well as its derivative positions, which came down by nearly two-thirds between September and December.

“We must be aware that in future quarters, too, Uniper’s earnings will depend to a significant extent on the amount of gas replacement procurement costs,” outgoing finance chief Tiina Tuomela said in a statement.

“These costs, in turn, depend largely on the price of gas.”
Source: Reuters (Reporting by Christoph Steitz Editing by Miranda Murray)