Suez net profit up 3.1% to 4.6 bn euros in 2010

3rd March 2011, Comments 0 comments

French-Belgian energy giant GDF Suez said Thursday that its 2010 net income rose 3.1 percent to 4.6 billion euros ($6.4 billion) and it expected further gains this year.

Analysts had expected a net profit of 4.48 billion euros, according to Dow Jones Newswires, and the company's shares were trading up 1.93 percent at 28.75 euros at 1235 GMT in a market up 1.31 percent.

Revenue climbed 5.7 percent to 84.5 billion euros.

"GDF SUEZ achieved solid results in 2010 and outperformed all its targets," chief executive Gerard Mestrallet said in a statement.

For 2011, the company forecasts earnings before interest, taxes, depreciation and amortisation (EBITDA) to rise to between 17-17.5 billion euros, from 15.1 billion euros in 2010.

The forecast includes the acquisition of Britain's International Power, which was finalised last month. Previously the company had said it expected EBITDA to come in at 16.1 billion euros in 2011.

The company said EBITDA could rise to more than 20 billion euros by 2013.

© 2011 AFP

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