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Energy giant E.ON: profit dip due to politics
Photo: DPA

Energy giant E.ON: profit dip due to politics

Published: 13 Aug 2013 09:08 GMT+02:00
Updated: 13 Aug 2013 09:08 GMT+02:00

E.ON said that its profit fell by 22 percent to €919 million euros from April to June while sales over the same period fell by three percent to €28.7 billion.

In the first six months of the year, however, net profit at the firm climbed by six percent to just over €3 billion despite the slight decline in sales.

But underlying profits, as measured by earnings before interest, tax, depreciation and amortisation (EBITDA), were down by 15 percent at €5.695 billion in the six-month period.

"Midway through 2013, our business performance continues to be in line with expectations," E.ON said.

The firm said that cost savings brought about by a restructuring programme and higher earnings in the renewables and exploration and production divisions "had a positive impact on earnings”.

But other areas of the company have not performed as well and the company also blamed the “current market situation in fossil-fuelled power generation”.

It said that the power generation business in Europe was suffering from low energy prices due to what it called "interventionist energy policies and regulations."

AFP/tsb

The Local (news@thelocal.de)

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