EON's Russian slump bodes ill for fossil fuel spin-off

Dusseldorf

EON SE's Russian operations are hurting profit at Germany's largest utility, a sign of future pain for its fossil fuel spin-off Uniper that's set to take control of the eastern assets.

First-half earnings before interest, taxes, depreciation and amortisation (Ebitda) fell 15 per cent from a year ago at the Dusseldorf-based company, according to the average estimate of five analysts compiled by Bloomberg before the Aug 12 results.