EON Cuts 10% of Workforce, Reduces Dividend After Profit Drops
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EON AG, Germany’s largest utility, will eliminate more than 10 percent of its workforce and reduce dividends after first-half profit plunged because of the cost of shutting nuclear reactors. The shares fell by a record.
Adjusted net income, the gauge EON uses to calculate its dividend, fell to 933 million euros ($1.29 billion) from 3.26 billion euros a year earlier, the Dusseldorf-based company said. The utility, which may cut as many as 11,000 jobs, reported its first quarterly loss in 10 years of 382 million euros.