BREAKING NEWS

BREAKING NEWS

Nuclear and hydro power boost EDF's core earnings although finance charges hit net profits

Nuclear and hydro power boost EDF's core earnings although finance charges hit net profits
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PARIS (Reuters) - EDF said a strong nuclear and hydropower output in France and a good performance of its renewables and trading business led to double-digit core-earnings growth but financial charges weighed heavily on net profit.

The utility's 2018 sales were up 6.3 percent to 68.98 billion euros (60.81 billion pounds) and core earnings before interest, tax, depreciation and amortisation (EBITDA) were up 11.1 percent to 15.25 billion, both in line with forecasts.

But EBIT (earnings before interest and tax) was down 6.3 percent to 5.28 billion and net income plunged 63 percent to 1.18 billion due to a fall in fair value of debt and equity on dedicated assets.

An Infront Data poll had forecast sales of 68.53 bln euros, EBITDA of 15.2 billion, EBIT of 6.26 billion and net income of 2.28 billion.

EDF proposed a 31 cent dividend, in line with forecasts, with option of payment of the dividend balance in new shares. For 2019 it targets core earnings of 15.3 to 16 bln euros and positive cash flow.

(Reporting by Geert De Clercq; Editing by Sudip Kar-Gupta)

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