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E.ON treble profits after Russian gas deal

The Local · 7 Aug 2012, 11:31

Published: 07 Aug 2012 11:31 GMT+02:00

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The company said in a statement that it expected underlying net income for the period from January to June "to be around €3.3 billion," compared with €0.9 billion a year earlier.

The "extraordinary" rise in profits "results from the positive effect … mainly (of) the settlement with Gazprom and the discontinued negative one-off effects from the German nuclear phase-out," it said.

"These effects will also continue to show in the quarters to come," it added.

E.ON is scheduled to publish details of its first-half earnings next week.

Operating profit, as measured by earnings before interest, tax, depreciation and amortisation (EBITDA), is projected to have risen by 55.8 percent to 6.7 billion euros.

Story continues below…

At the beginning of July, E.ON said it had reached a deal on lower gas prices with Gazprom and since having done so is sticking to its forecast for 2012, with EBITDA expected to reach up to €11 billion and net profit up to €4.5 billion.

AFP/The Local/jcw

The Local (news@thelocal.de)

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Your comments about this article

13:36 August 7, 2012 by lucksi
Well, I'm sure that the deal for lower gas prices will result in bills getting lower. After all, they pass on each raise in prices, so the lower prices will be passed on as well, right?
18:23 August 8, 2012 by avatar009

This seems the start of the end of German ecanomic stabilty, after the run out of mining coal. This is looklike the cremlin will make the future decision on EU, it depends how much the energy percentage they import. Finally Russia isnt stable country is controled by view criminals. The German must consider their future it looks bleak.
09:13 August 13, 2012 by wood artist

Ummmm, sure. Yeah. That works. I'm certain they'll get right on that. Undoubtedly the first priority. Right after...ummm....everything else.

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