Edison 09 Net Profit -31% On Weaker Gas, Power Business
08.02.10, 16:13 Uhr |
Lesezeichen
|
Versenden
ROME -(Dow Jones)- Edison SpA (EDN.MI), Italy's second-largest electricity generator by capacity, said Monday its 2009 net profit fell 31% on year due to weaker natural gas and electricity operations, adding that it expects 2010 results to be line with 2009.
Net profit totaled EUR240 million, down from EUR346 million a year earlier, the company said in a statement.
It said gross operating profit--a figure closely watched by analysts--dropped to EUR1.47 billion from EUR1.64 billion. The 2008 figure benefited from EUR176 million of one-off gains.
Total 2009 net revenue was EUR9.38 billion, down from EUR10.73 billion a year earlier.
The slip in the gas and electricity markets is the "worst result since World War II," said Chief Executive Umberto Quadrino in a conference call to comment on the results.
Gas demand last year fell 8.1% annually, while that for electricity dropped 6.7%.
Edison forecasts 2010 electricity and gas demand to be slightly higher than in 2009, but still below pre-economic downturn levels.
The Milan-based company, which is controlled by A2A SpA (A2A.MI) and Electricite de France SA (EDF.FR), said it plans to pay a dividend of EUR0.0425 a share on 2009 earnings. The previous year it paid EUR0.05.
Its net debt was EUR3.86 billion at the end of December, with a debt-to-equity ratio of 0.47, compared with EUR4.22 billion three months earlier.
It said gross operating profit--a figure closely watched by analysts--dropped to EUR1.47 billion from EUR1.64 billion. The 2008 figure benefited from EUR176 million of one-off gains.
Total 2009 net revenue was EUR9.38 billion, down from EUR10.73 billion a year earlier.
The slip in the gas and electricity markets is the "worst result since World War II," said Chief Executive Umberto Quadrino in a conference call to comment on the results.
Gas demand last year fell 8.1% annually, while that for electricity dropped 6.7%.
Edison forecasts 2010 electricity and gas demand to be slightly higher than in 2009, but still below pre-economic downturn levels.
The Milan-based company, which is controlled by A2A SpA (A2A.MI) and Electricite de France SA (EDF.FR), said it plans to pay a dividend of EUR0.0425 a share on 2009 earnings. The previous year it paid EUR0.05.
Its net debt was EUR3.86 billion at the end of December, with a debt-to-equity ratio of 0.47, compared with EUR4.22 billion three months earlier.
Company Web site: www.edison.it
DJG/sch
