UPDATE 1- GDF SUEZ sticks to target of higher 2009 EBITDA

Thu Nov 12, 2009 7:07am GMT
 
Email | Print | | Single Page
[-] Text [+]

* EBITDA of 10.1 billion euros in line with consensus

* Reiterates 2009 EBITDA goals despite nine-month decline

* Net debt stable at 27.8 billion euros

PARIS, Nov 12 (Reuters) - French power and gas group GDF Suez (GSZ.PA) on Thursday maintained its goal of higher full-year operating profits despite a decline in the nine-month figure on falling gas prices.

The company said its 2009 earnings before interest tax depreciation and ammortisation (EBITDA)would be higher than in comparison to 2008, although it did not specify by how much.

The world's second-largest utility by market capitalisation after nuclear power giant EDF (EDF.PA) reported EBITDA of 10.1 billion euros in the nine months to Sep. 30, down 2.7 percent year-on-year.

This was in line with an average forecast for EBITDA of 10.13 billion euros from a Reuters poll of analysts. GDF Suez's revenues, which came in at 57.9 billion euros, were down 1.2 percent year on year, but also met analyst expectations.

As of Sept. 30, net debt was 27.8 billion euros, stable in comparison with June and down 1.1 billion euros in comparison with the end of 2008. GDF aims for 650 million euros in savings by the end of 2009, while investing 30 billion euros between 2008 and 2010. The company specified that EBITDA fell due to declining revenues from the Global gas and liquified natural gas business and the negative impact of a 284 million tarriff short-fall in the first quarter in France.

 

Market Update

  • UKUK
  • USUS
  • Europe
  • Asia
  • UK Most Actives

Most Popular Business News on Reuters UK

  • Articles
  • Videos