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    Home »  News »  Business

    French energy giant EDF posts 5 per cent growth in net profit in 2012

    PARIS - French electricity giant EDF said Thursday its net profit rose 5 per cent last year behind solid organic growth in Italy and its home market and growing demand for nuclear power in Britain, and despite a tough economic climate.

    Electricite de France, one of Europe's leading energy companies, reported net profit rose to 3.32 billion ($4.48 billion), up from 3.15 billion a year earlier in the period. Revenues rose 11.4 per cent to 72.73 billion.

    EDF said earnings before interest, taxes, depreciation and amortization posted 4.6 per cent organic growth to 16.08 billion nearly two-thirds of that total in France alone. However, EBIT fell 2.4 per cent to 8.25 billion. The EDF Energie unit posted its best nuclear production in seven years in Britain, the company said.

    EDF also announced plans to cut about 1 billion in costs in 2013, notably through a 5 per cent reduction in external purchases.


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