EON Confident For 2018 After Q3 In The Black
Mohammad Ali (@ChaudhryMAli88) Published November 14, 2018 | 04:27 PM
German energy giant EON said Wednesday it was confident of hitting its full-year targets after a strong set of third-quarter results as it pushes on with a complex restructuring.
Frankfurt am Main, (UrduPoint / Pakistan Point News - 14th Nov, 2018 ) :German energy giant EON said Wednesday it was confident of hitting its full-year targets after a strong set of third-quarter results as it pushes on with a complex restructuring.
The Essen-based group -- which in recent years has suffered massive losses linked to the restructuring and to Germany's retreat from nuclear power -- reported a net profit of 247 million Euros ($279 million) between July and September, compared with a loss in the same quarter last year.
Adjusted operating, or underlying profit grew 17 percent year-on-year, to 410 million euros, although revenues fell 13 percent to 7.3 billion.
Over the first nine months to September, adjusted operating profit rose 11 percent to 2.4 billion euros as EON booked higher sales and brought new wind farms online.
The group also managed to shrink its debt mountain by 3.9 billion euros, to 15.4 billion, after selling its stake in former fossil fuels subsidiary Uniper to Finland's Fortum.
Recent Stories
Sub-cabinet committee reviews law, order in Punjab
Notification of confirmed police officers issued
Open courts part of struggle against corruption: ACE DG
Resolving citizens’ complaints top priority of Federal Ombudsman: IO
Government, lender banks conclude PIA’s commercial debt negotiations
Man gets 14 years imprisonment in drugs case
Punjab police accelerate crackdown on drug peddlers
DC reviews meeting, takes action against token tax violations, traffic rules
44 arrested for kite flying in 24 hours
Boao forum for Asia 2024 concludes on successful note
Turkey's Erdogan to hold White House talks with Biden in May
Rana Mashhood appointed chairman PM's Youth Programme
More Stories From Business
-
US Fed's favored inflation gauge ticks higher as fuel costs rise
2 hours ago -
ICCI, CDA sign MoU for upgrading, maintaining public washrooms
2 hours ago -
Prudent policies lead to sustainable economic recovery: Finance Ministry
3 hours ago -
Minister for Finance and Revenue Muhammad Aurangzeb holds meeting with SBP Governor
2 hours ago -
Exchange rates for currency notes
4 hours ago -
PTC rebuts misleading tax loss figures, seeks fair market competition
5 hours ago
-
Economy commences on better note in 2024: Finance Minister
5 hours ago -
Gold rates up by Rs.3,800 to Rs.234,800 per tola
5 hours ago -
SACM directs authorities to find out solution to problems of miners, crush plants
5 hours ago -
Weekly inflation falls slightly
5 hours ago -
Uzbekistan's Ambassador, Pakistan’s Commerce minister forge path for enhanced economic ties
5 hours ago -
Finance Minister calls for reforming tax system to improve country's economy
6 hours ago