Support The Moscow Times!

Profits at E.On Russia Slump as Slowdown and Sanctions Bite

E.ON Russia, the Russian subsidiary of German energy major E.On, said Thursday its first-half net income fell 15 percent year-on-year, as an economic slump in Russia exacerbated by Western sanctions takes its toll.

Net income fell to 8 billion rubles ($220 million) from 9.4 billion rubles ($260 million) in the first half of 2013 and revenues grew 2 percent to 39.3 billion rubles ($1.1 billion), the company said in a report.

The company expects 2014 net income at 15 billion rubles ($413 million), up from 14.4 billion rubles ($397 million) in 2013, its deputy chief executive Ulf Backmeyer told a conference call Thursday.

See also:

Austria's Raiffeisen Bank Says Huge Russian Business Safe From Sanctions

Read more

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

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.