EON burned with big loss in first half

The Myanmar Times - - International | Business -

Ger­man en­ergy giant EON yes­ter­day re­ported 3 bil­lion eu­ros (US$3.34 bil­lion) in losses over the first half of 2016 as it wrote down the value of tra­di­tional power in­fra­struc­ture. EON sub­sidiary Uniper, which brings to­gether the firm’s non­re­new­able power op­er­a­tions, booked pro­vi­sions and im­pair­ment charges on its power plants and gas stor­age facilities to­talling 3.8 bil­lion eu­ros.

That weighed on the group as a whole, which re­ported un­der­ly­ing profit as mea­sured by EBITDA of 2.9 bil­lion eu­ros – down 12 per­cent on the same pe­riod in 2016 - on rev­enues of 20.25 bil­lion eu­ros.

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