Germany's EON profits down, 2011 outlook gloomy
German power company EON said Wednesday that its 2010 net profit fell 30 percent to 5.85 billion euros ($8.13 billion) and issued a downbeat outlook for this year.
EON said the poor result was due in part to a comparison with exceptional 2009 results that had been boosted by major asset sales.
Net profit adjusted for exceptional items, which EON uses for forecasts and dividend payments, declined by a more modest 4.0 percent to 4.9 billion euros, it said in a statement.
Net profit was forecast to fall further this year to 3.3-4.0 billion euros, EON said, owing to a new German tax on nuclear fuel and weaker sales of electricity and gas.
Sales in 2010 gained 16 percent to 92.9 billion euros, the group said.
It plans to pay a dividend of 1.50 euros for the 2010 exercise but promised only "at least 1.30 euros" pour share this year.
© 2011 AFP