E.ON, Germany's biggest power supplier, said on Wednesday that first-half profits were hit by falling wholesale electricity prices, lower oil prices and a weak ruble.
"In line with expectations, at the half-year mark earnings were below the respective prior-year figures," E.ON said in a statement.
Underlying or operating profit, as measured by earnings before interest, tax, depreciation and amortisation (EBITDA), fell by 13 percent to 4.3 billion euros ($4.8 billion).
And underlying net profit slumped 21 percent to 1.2 billion euros.
First-half sales increased by about 5.0 percent to 57.3 billion euros.
"Transforming our company during a period of extremely low power prices and volatile oil prices is a challenge. Yet we delivered solid results," said chief financial officer Michael Sen.
Looking ahead, E.ON said it was sticking to its forecasts for full-year EBITDA to amound to 7.0-7.6 billion euros and underlying net profit to be between 1.4-1.8 billion euros.
Name (required) *
E-mail (required, but will not be published) *
Notify me of follow-up comments
Ben Stokes gave England a firm grip on the first Test with bat and ball before Shakib Al Hasan's 5-79 revived Bangladesh…
The facade of the world's tallest building, the Burj Khalifa in the Gulf emirate of Dubai, was lit up in pink Thursday…
The London Fashion Week (LFW) is one of the most sought out shows of the year. LFW is an annual fashion event…
Powered and Developed by FilmMatters
Copyright © 2016 Arabtoday