The CEO of E.ON Russia (EONR:RU) has forecast that earnings will increase next year, although the Russian utility will still fall short of its EUR800m ($1bn) to EUR1bn profit target, reports Reuters.

E.ON Russia, which is owned by Germany’s E.ON (FWB:EOAN.DE), expects its earnings before interest, tax, depreciation and amortisation will rise to 28bn roubles ($901 m) in 2012 and 2013, a 22 per cent increase on its 2011 earnings of 23bn roubles, said Maksim Shirokov.

He also confirmed that the company plans to present a new five-year strategy that will include potential acquisitions in the first quarter of next year.

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