PARIS – GDF Suez warns that it still expects earnings this year to be well below last year’s amid power outages and further expected asset write-downs.
In a statement Wednesday the Franco-Belgian utility giant says both sales and operating profit slumped in the nine months to end-September and warned that “the economic and regulatory conditions continue to worsen in Europe.”
GDF Suez says recurring net income will be at the upper-end of a 3.1 billion euros ($4.2 billion) to 3.5 billion euro range. Last year it made 3.8 billion euros by that measure.
Sales slumped 4.6 per cent to 67.7 billion euros in the nine months to end-September, while earnings before interest, tax, depreciation and amortization dropped 8.8 per cent to 11.7 billion euros.