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EON AG, Germany’s largest utility, will eliminate more than 10 percent of its workforce and cut dividend payments after first-half profit plunged because of the government’s decision to shut down all reactors by 2022.
Adjusted net income, the profit gauge the company uses to calculate its dividend, fell to 933 million euros ($1.29 billion) from 3.26 billion euros a year earlier, Dusseldorf- based EON said today. The company, which said it will cut as many as 11,000 jobs, reported its first quarterly loss in 10 years of 382 million euros.
EON Cuts 11,000 Workers, Slashes Dividend - Bloomberg
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