BERLIN, March 13 (Xinhua) -- German energy company E.ON achieved its profit targets for the fiscal year 2018 and should be on track for the planned acquisition of the green energy company Innogy, the company announced on Wednesday.
The adjusted earnings before interest and taxes (EBIT) for E.ON, one of Germany's largest energy companies, slightly decreased to 3 billion euros (3.4 billion U.S. dollars) but were still at the upper end of E.ON's forecast range.
E.ON announced that its net profits, which increased by around 100 million euros to 1.5 billion euros due to a reduction in interest expenses and taxes, were likewise at the upper end of its forecast range.
"E.ON is entering the new financial year with strong earnings and optimism," Johannes Teyssen, chief executive officer (CEO) of E.ON commented on the company's annual business figures.
E.ON is currently planning to acquire the sales and energy grid segments of Innogy, the green energy subsidiary of E.ON's German competitor RWE. This acquisition is currently being investigated by the European Commission, which was concerned that E.ON's market power could become too large and electricity prices could increase as a result.
The investigations by the EU Commission were "fully in line with our plans", said CEO Teyssen, adding that "we are confident that we will obtain the necessary approvals in the second half of the year."
