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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.

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