facebook
twitter
rss
account
search
search
 

E.ON said it expected poor results

Company held its own in "difficult environment."
By Daniel J. Graeber   |   Aug. 13, 2014 at 10:13 AM   |   Comments

http://cdnph.upi.com/sv/em/upi/UPI-8541407938247/2014/1/bd70512640386c71d9575f7210c4779b/EON-said-it-expected-poor-results.jpg
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.

Follow @dan_graeber and @UPI on Twitter.
Contact the Author
© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Celebrity Couples of 2014 [PHOTOS]

Celebrity Couples of 2014 [PHOTOS]

Most Popular
1
Tony Hayward: Kurdish oil sector open for business Tony Hayward: Kurdish oil sector open for business
2
Textron's G-CLAW on target in live-fire demonstration Textron's G-CLAW on target in live-fire demonstration
3
Creator of 'Honey Badger Don't Care' brand sues for trademark infringement Creator of 'Honey Badger Don't Care' brand sues for trademark infringement
4
Pay up, Gazprom tells Ukraine Pay up, Gazprom tells Ukraine
5
$3 gas could make a comeback $3 gas could make a comeback
Trending News
Video
x
Feedback