Power group EON posts historic quarterly loss, jobs cuts

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The biggest German energy group, EON, posted Wednesday its first quarterly loss ever, of 1.49 billion euros ($2.14 billion) for the second quarter.

A company statement said it would carry out a broad restructuring of its activities that would lead to the loss of "9,000-11,000 jobs."

EON also cut "significantly" its full-year forecast and expected dividend owing in part to a German decision to abandon nuclear energy that has hit power companies hard.

EON said earnings had also been severly hit by weaker sales of electricity and gas.

© 2011 AFP

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