Switzerland’s biggest energy company Alpiq saw first quarter profits of 46 million francs, or about half of that seen the same time last year. 

Revenue dropped 1 percent to 3.4 billion francs. 

The company expected the results in, what it calls, a “difficult environment.”

In a statement Alpiq said it was facing depleting high profit business, unfavorable developments in the energy market, regulatory conditions and ongoing restructuring.

Last November Alpiq said it would cut 170 jobs in Switzerland.