German energy company E.On said Tuesday that its net profit rose 9 percent in 2008 on higher sales, but that 2009 earnings would likely fall 10 percent due to the higher cost of debt.
The Duesseldorf-based company said it plans to reduce investments over the next three years and sell off assets worth euro10 billion by the end of 2010.
Net profit for the electricity and gas supplier increased to euro5.6 billion ($7.1 billion) in the full year 2008, from euro5.1 billion in 2007.
Sales for the year rose 35 percent to euro86.8 billion, from euro64.1 billion, the company said, without providing fourth quarter figures.
"The outlook for …
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