HomeNuclearE.ON records positive first quarter

E.ON records positive first quarter

German utility E.ON (FWB:à‚ EOAN) has turned around its heavy losses of a year ago by posting a positive first quarter performance to 2012.

The Dusseldorf-based company increased its EBITDA by 9 per cent year on year to around €3.8bn ($4.9)and its underlying net income by 27 per cent to around €1.7bn.

“As we described in March, we’re now past the worst,” said chief financial officer Marcus Schenck. “Our first-quarter results confirmed this trend. We’re making good progress. But we still need to be resolute about meeting our current challenges and implementing the changes we’ve initiated.”

E.ON’s sales rose by 28 per cent year on year to €35.7bn, owing in particular to higher sales in the Optimization & Trading segment. The renewables, German, and Russian segments also posted higher sales. Sales were significantly lower in the generation segment due to the absence of output from nuclear power stations in Germany that were shut down in 2011 after the Merkel government decision to withdraw from nuclear power.

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