E.ON said it expected poor results

Company held its own in "difficult environment."
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   Aug. 13, 2014 at 10:13 AM

DUSSELDORF, Germany, Aug. 13 (UPI) -- German energy company E.ON said Wednesday its exploration and production activity in the North Sea was the bright spot in an otherwise poor fiscal report.

E.ON said its exploration and production activity posted a "sharp increase" in earnings because of higher output from its operations in the North Sea. The renewable energy sector, meanwhile, should see enhancements with the start of the Amrumbank West and the Humber Gateway offshore wind farms in the North Sea and the Grandview 1 facility in Texas.

Elsewhere, the German company said net profits through the end of June declined more than 7 percent to $1.1 billion. It blamed the devaluation of European and Russian currencies for nearly all of the declines.

"Our half-year earnings were in line with our forecast ... considering the difficult situation," Chief Executive Johannes Teyssen said in a statement. "So on balance E.ON performed rather well in a difficult environment."

The company said it was able to reduce its net economic debt in the first half of the year, which it said contributed to the affirmation that its full-year forecast was in line with expectations.

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