GO
Loading...

Enter multiple symbols separated by commas

EdF Says Full-Year Profit Surged 74% on Higher Power Prices

French state-owned electricity giant Electricite de France SA said Wednesday full-year net profit surged 74% as power prices rose across Europe.

The company also reiterated its financial targets for the 2006-2008 period, ahead of the full liberalization of European energy markets July 1.

Net profit rose to 5.61 billion euros ($7.4 billion) in 2006, from 3.2 billion euros in 2005, the company said in a news release. Revenue reached 58.9 billion euros ($77.5 billion), compared with 51.1 billion euros in 2005, the company said.

The figure beat forecasts of 4.8 billion euros ($6.3 billion) Dow Jones Newswires said, citing the average estimate of five analysts.

On a like-for-like basis, notably excluding capital gains from the sale of EdF's Brazilian unit Light, EdF's net profit rose to 4.23 billion euros ($5.56 billion), up 47% in 2005.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

  • Mark Cuban and Donald Trump

    Donald Trump appears to have Mark Cuban's vote, at least in terms of how the billionaire real estate mogul is conducting his political campaign.

  • Ferrari 488 Spider

    Ferrari's new 488 Spider will have a V-8 turbo engine and a retractable hard-top roof that lowers in just 14 seconds.

  • Members of the New Horizons science team react to seeing the spacecraft's last and sharpest image of Pluto before closest approach later in the day at the Johns Hopkins University Applied Physics Laboratory (APL) in Laurel, Maryland July 14, 2015.More than nine years after its launch, a U.S. spacecraft sailed past Pluto on Tuesday, capping a 3 billion mile (4.88 billion km) journey to the solar system's farthest reaches, NASA said.

    The New Horizons Pluto flyby mission set records for NASA's social media and web metrics——but why do we care so much?

U.S. Video