E.ON's earnings fall 32.4% to €1.25 per share in H1

Wednesday, 08. August 2018 08:06

German power utility E.ON SE reported a slump in turnover of 13% on an annual basis to €17.04 billion for the first half of the year. The announcement published on Wednesday revealed attributable net income landed 30.2% lower – at €2.7 billion, translating to a decline of 32.4% to €1.25 per share. Economic net debt was slashed to €15.9 billion from €19.2 billion.

The company headquartered in Essen still expressed satisfaction and maintained targets for the whole year, highlighting a rise in adjusted earnings before income and taxes of 10% to €1.72 billion in the core segment or 9.9% to €1.94 billion for the whole group. Profit excluding one-off items jumped 19% to €1.05 billion.

"Our core business – energy networks, customer solutions, and renewables – delivered good results, even though we continue to face fierce competition, primarily in our customer solutions business. We're meeting these challenges with new products, new solutions, and even better, more efficient processes, particularly for our customers," finance chief Marc Spieker said. Investments advanced 7.6% from the same period of last year, to €1.41 billion, and adjusted net income per share grew 16.7% to €0.49.

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