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EDF: 5 percent growth in net profit in 2012

French energy giant EDF posts 5 percent growth in net profit in 2012

Associated Press

PARIS (AP) -- French electricity giant EDF said Thursday its net profit rose 5 percent last year behind solid organic growth in Italy and its home market and growing demand for nuclear power in Britain, and despite a tough economic climate.

Electricite de France, one of Europe's leading energy companies, reported net profit rose to €3.32 billion ($4.48 billion), up from €3.15 billion a year earlier in the period. Revenues rose 11.4 percent to €72.73 billion.

EDF said earnings before interest, taxes, depreciation and amortization posted 4.6 percent organic growth to €16.08 billion — nearly two-thirds of that total in France alone. However, EBIT fell 2.4 percent to €8.25 billion. The EDF Energie unit posted its best nuclear production in seven years in Britain, the company said.

EDF also announced plans to cut about €1 billion in costs in 2013, notably through a 5 percent reduction in external purchases.