German power group E.ON raises full-year outlook

0 Comments | AFP, November, 2009

FRANKFURT (AFP) — The biggest German power group, E.ON, said Wednesday that its 2009 net result would fall by less than previously forecast after third quarter profit exceeded expectations.

E.ON, which is based in Duesseldorf, western Germany, said its full-year net profit would decline by between three and five percent from the 2008 level of 5.6 billion euros (8.4 billion dollars), rather than by five to 10 percent as initially estimated.

In addition, "E.ON expects its full-year 2009 adjusted EBIT (core earnings before interest and taxes) to match the high prior-year level" of 9.878 billion euros, a statement said.

In the third quarter of 2009, net profit jumped to 1.8 billion euros from 100 million euros in the same period a year earlier, far surpassing a...