German utility Eon posts FY profit of ?2.64B

FRANKFURT, Germany (AP) — German utility Eon says it made €2.64 billion ($3.4 billion) in net profit last year as the company left behind the expense of Germany's exit from nuclear power.

The company showed a loss of €1.86 billion for 2011 after Chancellor Angela Merkel's government decided in the wake of Japan's nuclear disaster to immediately shut down eight of Germany's 17 nuclear reactors and phase out the rest earlier than planned. Eon took a large hit to earnings from shutdown expenses.

The company also credited sales growth in emerging markets Turkey, Russia and Brazil and ongoing cost cutting. Still, the company's electricity business has lagged, with sales flat and weak demand in recession-hit Europe.

The company's 2012 sales revenues rose 5 percent to €132.1 billion.