Utility giant E.ON suffers profit slump on sluggish markets

German gas, electricity and water utility company E.ON has announced its net profit has fallen significantly in the second quarter. The firm has continued to struggle with weak demand across crisis-hit Europe.

Germany's largest power supplier said August 13 its second-quarter net income was 919 million euros ($1.22 billion), down from 1.18 billion euros in the April-June period a year ago. The figures marked a 22 percent fall in net profit.

First-half earnings before interest, tax, depreciation and amortization dropped by 15 percent from the same period last year to 5.7 billion euros, the Düsseldorf-based company announced.