German power supplier E.ON says profits down in 2nd quarter
AFPFRANKFURT -- E.ON, Germany's biggest power supplier, said Tuesday that profits were down in the second quarter on the difficult environment and the loss of earnings from divested companies.
August 14, 2013, 11:44 am TWN
E.ON said in a statement that its bottom-line net profit fell by 22 percent to 919 million euros (US$1.2 billion) in the period from April to June while second-quarter sales slipped by 3 percent to 28.762 billion euros.
Taking the first six months, however, net profit climbed 6.1 percent to 3.069 billion euros, despite a 1.2-percent drop in sales to 64.643 billion euros.
Underlying profits, as measured by earnings before interest, tax, depreciation and amortization (EBITDA), were down 15 percent at 5.695 billion euros in the six-month period.
“Midway through 2013, our business performance continues to be in line with expectations,” E.ON said.
Cost savings delivered by a restructuring program and higher earnings in the renewables and exploration and production divisions “had a positive impact on earnings but were more than offset by the absence of earnings from divested companies and the effect of the current market situation in fossil-fueled power generation,” it said.