E.ON net income drops 46 percent

FRANKFURT: E.ON, Germany’s leading power supplier, said Wednesday it booked a sharp drop in profits last year as a result of Europe’s energy transition and expected earnings to fall again this year.

E.ON said in a statement its net profit plunged 46 percent to 2.243 billion euros ($3.1 billion) in 2013 and underlying or operating profit was down 14 percent at 9.315 bilion euros.