Frankfurt: German energy giant EON reported Tuesday a jump in first-quarter profits thanks to a surge in new customers, keeping it on track to meet its 2018 targets ahead of a massive asset swap with rival RWE. The Essen-based group, which has seen two years of huge losses as it scrambles to respond to a changing energy landscape, reported adjusted net profits of €727 million ($866 million; Dh3.18 billion) between January and March, up 38 per cent on the same period last year.
Underlying or operating profits climbed 24 per cent to €1.3 billion, EON said in a statement, hailing a “strong start” to the year. Revenues however fell 11 per cent to €9.33 billion, dragged down by a 30-per cent slump in sales at the group’s energy networks unit which EON blamed mainly on one-off effects and accounting changes.
