GDF Suez benefits from gas as profits jump

City A.M. Reporter
FRENCH utility GDF Suez yesterday posted a 5.7 per cent rise in first-quarter core earnings, thanks to growing demand for natural gas and contract wins in fast-growing emerging markets through British unit International Power.

At its annual shareholder meeting yesterday, GDF Suez confirmed it would detail its nuclear review by mid-year, in the wake of Japan’s Fukushima scare and countries subsequently spurning nuclear power.

GDF Suez said first-quarter core profit, or earnings before interest, tax, depreciation and amortisation rose to €5.8bn on revenue up 10.5 per cent to €28.2bn.

The group still expects 2012 net recurring income to grow to between €3.7bn and €4.2bn, provided it completes the acquisition of the 30 per cent stake it does not own in International Power.