FRANKFURT: E.ON, Germany's biggest power supplier, said on Tuesday that its profits fell again in the first quarter, weighed down by the current difficult business environment.
"The E.ON group's businesses performed as anticipated in the first quarter of 2014," the group said in a statement.
"Owing to a continued difficult business and regulatory environment and in the wake of divestments," underlying or operating profit declined by 12 percent to 3.2 billion euros ($4.4 billion) and net profit was down 13 percent at 1.2 billion euros.
Looking ahead, E.ON said it continued to expect full-year operating profit of 8.0-8.6 billion euros and net profit of 1.5-1.9 billion euros.
"E.ON is staying on course in difficult times. We're reducing our debt and costs, without neglecting investments in our future," said chief executive Klaus Schaefer.
With net debt cut by more than 1.0 billion euros in the first quarter, "this gives us the flexibility to make targeted investments in growth businesses like wind and solar power," Schaefer said.
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