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EDF: 5 percent growth in net profit in 2012

Thursday - 2/14/2013, 7:10am  ET

PARIS (AP) -- French electricity giant EDF said Thursday its net profit rose 5 percent 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 EUR3.32 billion ($4.48 billion), up from EUR3.15 billion a year earlier in the period. Revenues rose 11.4 percent to EUR72.73 billion.

EDF said earnings before interest, taxes, depreciation and amortization posted 4.6 percent organic growth to EUR16.08 billion -- nearly two-thirds of that total in France alone. However, EBIT fell 2.4 percent to EUR8.25 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 EUR1 billion in costs in 2013, notably through a 5 percent reduction in external purchases.

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