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EON Profit Declines on Nuclear Plant Closures, Weak Demand

EON AG, Germany’s largest utility, said 2011 profit slumped 50 percent because of nuclear reactor closures and lower earnings from its power generation and wholesale gas business.

Underlying net income dropped to almost 2.5 billion euros ($3.3 billion), beating the 2.33 billion-euro median estimate of 26 analysts surveyed by Bloomberg. The profit measure, which EON uses to calculate its dividend,is forecast to be as much as 2.7 billion euros in 2012 and as much as 3.7 billion euros in 2013. EON rose the most in more than three years in Frankfurt.