E.ON, one of the big six energy companies, reveals shares fall


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Following a fall in profits, shares in E.ON - one of the big six energy companies - have dropped by 1.4 per cent, according to an article published by BBC News.

Net income during the first quarter fell by 24 per cent - to £1.4 billion. The fall has been attributed to a lower demand for gas and electricity on the continent.

Despite the fall in income, sales rose by 28 per cent - to €36 billion.

E.ON also revealed that it expected its pre-tax profits to be slightly higher this year, than during 2011. It also stated that it was working to reduce the amount it pays gas suppliers for energy.

Chief financial officer for the firm, Marcus Schenck, stated: "We're making good progress. But we still need to be resolute about meeting our current challenges and implementing the changes we've initiated."

Meanwhile, E.ON has also revealed that the demand for gas in Europe is at the same level as it was back in 2001, with demand for power at the same level as it was during 2004.

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