E.On Q3 Net Income Rises To Euro1.8 Billion

GEORGE FREY

FRANKFURT (AP) — German utility E.On said Wednesday that third quarter net income rose sharply, helped by strong results from its energy trading unit and fewer costs, and raised its outlook.

E.On, based in Duesseldorf, said it earned euro1.8 billion ($2.7 billion) in the third quarter from just euro100 million a year earlier. The year-ago results were affected by higher costs for building new power plants and a dip in investment income.

Revenue for the third quarter fell 13 percent to euro17.1 billion from euro19.7 billion in the third quarter 2008.

E.On said it expected its full-year net profit to decline less than previously anticipated. It now expects a drop of between 3 and 5 percent compared with its earlier forecast of a 5 to 10 percent decline. In 2008, the company reported full-year net income of euro5.6 billion on revenue of euro86.8 billion.

"We posted solid nine-month results in a year that has been characterized by the economic crisis," Chief Executive Wulf Bernotat said in his letter to shareholders.