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Suez first-half net profit declines 15 percent

Suez first-half net profit declines 15 percent

Franco-Belgian utility Suez, said Thursday first-half profit fell 15 percent after the company sold fewer assets.
Net profit fell to euro1.85 billion (US$2.52 billion) in the first half from euro2.17 billion (US$2.96 billion) a year earlier, the company said in a statement. Earnings before interest, taxes, depreciation and amortization, or EBITDA, rose 10 percent to euro4.1 billion (US$5.59 billion) from euro3.7 billion (US$5.04 billion). On July 31, Suez posted a 6.2 percent rise in first-half sales.
President Nicolas Sarkozy will decide by the end of September whether to back a proposed combination of Suez and state-run Gaz de France, a Cabinet spokesman said Wednesday. Both Gaz de France Chairman Jean-Francois Cirelli and the French government said Wednesday they were waiting for Suez before deciding whether the merger can take place.
Suez Chairman Gerard Mestrallet said Thursday contact is ongoing and all parties need to ensure they "share the same long-term vision."
For a deal to take place, the government would have to privatize GdF _ something Sarkozy promised not to do when he was finance minister in 2004.
Suez confirmed its full year targets of a similar pace of growth in EBITDA _ at least 10 percent _ for underlying profit in the full year.


Updated : 2021-04-12 12:47 GMT+08:00