E.ON's Q1 profit cut into by taxes
By Juergen Baetz |
May 12, 2010, Wednesday
|
Print Edition
Print Edition
GERMAN energy producer E.ON AG said yesterday that net profit fell 7 percent in the first quarter, as taxes hurt otherwise buoyant underlying earnings growth.
Net profit was down to 2.3 billion euros (US$2.97 billion) from 2.5 billion euros a year earlier, or 1.20 euros per share compared to last year's 1.29 euros.
Adjusted earnings before interest and taxes, however, were up to about 3.7 billion euros from 3.1 billion euros a year earlier. "E.ON started the year with a strong first quarter," Chief Executive Johannnes Teyssen said.
From January 1 to March 31, E.ON said it achieved significant earnings increases in Britain, and its energy-trading and renewable-energies division. It noted that last year's earnings were hit by the economic crisis.
The drop in its overall net income, however, was partly due to a tax bill increase of 288 million euros, which E.ON attributed mainly to charges to its US Midwest unit.
E.ON said in view of the continuing economic crisis it stands by its "cautiously optimistic forecast" for the full year, expecting 2010 earnings before interest and taxes to increase by up to 3 percent from 2009.
Net profit was down to 2.3 billion euros (US$2.97 billion) from 2.5 billion euros a year earlier, or 1.20 euros per share compared to last year's 1.29 euros.
Adjusted earnings before interest and taxes, however, were up to about 3.7 billion euros from 3.1 billion euros a year earlier. "E.ON started the year with a strong first quarter," Chief Executive Johannnes Teyssen said.
From January 1 to March 31, E.ON said it achieved significant earnings increases in Britain, and its energy-trading and renewable-energies division. It noted that last year's earnings were hit by the economic crisis.
The drop in its overall net income, however, was partly due to a tax bill increase of 288 million euros, which E.ON attributed mainly to charges to its US Midwest unit.
E.ON said in view of the continuing economic crisis it stands by its "cautiously optimistic forecast" for the full year, expecting 2010 earnings before interest and taxes to increase by up to 3 percent from 2009.
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