E.ON, Germany’s largest energy group, cut its estimates for this year’s results on Wednesday as the crisis hit its grid and retail divisions in the second quarter of 2020, Reuters reports, according to Agerpres.

“We can now see much more clearly than at the end of the first quarter and we can look to the second half of the year with greater confidence,” said general manager Johannes Teyssen.

The group expects an adjusted operating profit of between 3.6 and 3.8 billion euros (4.2 – 4.5 billion dollars), while the adjusted net profit would be of 1.5 – 1, 7 billion euros. Previously, E.ON had forecast an adjusted operating profit of between 3.9 and 4.1 billion euros and an adjusted net profit of between 1.7 and 1.9 billion euros.

The crisis would affect E.ON’s earnings by 300 million euros if no new containment measures are imposed, E.ON said.