Emerging markets behind Eon profits

German utility Eon says it made €2.64bn 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 €1.86bn 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 last year 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% to €132.1bn.

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