Support The Moscow Times!

E.ON to Raise Profit

E.On Russia, the Russian electricity producing arm of German utility E.On, plans to increase earnings this year but will fall short of next year's core profit target, its chief executive officer said on Tuesday.

The company sees its EBITDA rising to 28 billion rubles ($901 million) in 2012 from 23 billion rubles in 2011, Maxim Shirokov told reporters. Next year's EBITDA is seen at 26.5 billion rubles, below a 800 million to 1 billion euro target earlier set by shareholders.

Shirokov said the company plans to present in the first quarter of 2013 a new five-year strategy that will include potential acquisitions.

Net profit is expected to total around 16 billion rubles this year after 14.6 billion in 2011 on revenues of more than 73 billion rubles, Shirokov said.

(Reuters)

Related articles:

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

As we approach the holiday season, please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world’s largest country.