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Business

Energy Supplier EnBW Sees Profit in 2004

German energy supplier EnBW, 39 percent of which is controlled by French energy giant EdF, said Wednesday it was back in the black last year, reporting a pre-tax profit of €707 million ($919 million) in 2004 after a 2003 loss of more than €1 billion. 2003 earnings had been hit by massive writedowns and provisions against a number of loss-making activities that have since been sold off. "The turnaround has been a success, even if further sharp cost-cutting and profit-boosting measures are envisaged for 2005 and 2006," the statement said. EnBW has embarked on drastic belt-tightening measures, including the axing of 2,000 jobs. Detailed 2004 results are scheduled to be published on February 11.