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E.ON expects core profit to rise this year and next
March 14, 2012 / 6:37 AM / 6 years ago

E.ON expects core profit to rise this year and next

DUESSELDORF, Germany, March 14 (Reuters) - E.ON , Germany’s top utility, expects its core profit to rise this year and next as it banks on its renewable energy business and foreign expansion following Germany’s nuclear exit , which led it to post a 2.22 billion euro ($2.9 billion) net loss for 2011 .

The company said it expects earnings before interest, tax, depreciation and amortisation (EBITDA) of 9.6-10.2 billion euros and underlying net profit of 2.3-2.7 billion in 2012.

It also plans to pay a dividend of 1.10 euros for 2012.

Germany’s move to phase out nuclear power by 2022 had led peers RWE and EnBW -- the country’s No.2 and No.3 utilities -- to post either large declines in profits or losses for the past year.

E.ON confirmed it planned to propose a dividend of 1 euro per share for the financial year 2011.

It also kept its 2013 forecast, saying it still expects EBITDA of 11.6-12.3 billion euros, underlying net profit of 3.2-3.7 billion, and a dividend of at least 1.10 euros. ($1 = 0.7628 euros) (Reporting by Christoph Steitz)

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