German utility E.ON's profits rise on asset sales

AP News
Posted: May 08, 2013 4:27 AM

FRANKFURT, Germany (AP) — German utility company E.ON says net income rose 25 percent in the first quarter thanks to the sale of some businesses.

The company said its operations otherwise remained under pressure from a slack economy and competition for its gas-fired electricity plants from renewable energy sources and coal.

Net profit rose to 2.33 billion euros ($3.05 billion) from 1.87 billion euros in the same quarter the year before. Revenues were flat at 35.9 billion euros.

The bottom line was boosted by 929 million euros in gains, including those from selling E.ON Thueringer Energie, stakes in Slovakian energy company SPP and JMP Czechia and network segments in Germany.

CEO Johannes Teyssen said in a statement Wednesday "the economic situation of our legacy business in Europe, particularly in conventional power generation, remains difficult."