E.ON raises full-year forecast as profits rise on soaring energy prices

0 Comments | AFP, August, 2006

DUESSELDORF, Germany (AFP) — E.ON, the biggest power supplier in Germany, has said that it had raised its forecast for full-year profits after soaring energy prices boosted underlying earnings in the first six months.

E.ON said in a statement Tuesday: "In view of our continued positive earnings performance, we have raised our earnings forecast for the whole of 2006. We now expect underlying profits to surpass the high prior-year level."

In 2005, E.ON booked earnings before interest and tax (EBIT) of 7.333 billion euros (9.3 billion dollars) and net profit of 7.407 billion euros.

On the bottom line, however, "we will not repeat the extraordinarily high net income figure posted in 2005, which resulted in particular from the book gains on our successful...