PARIS — 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 (EURO)3.32 billion ($4.48 billion), up from (EURO)3.15 billion a year earlier in the period. Revenues rose 11.4 percent to (EURO)72.73 billion.
EDF said earnings before interest, taxes, depreciation and amortization posted 4.6 percent organic growth to (EURO)16.08 billion – nearly two-thirds of that total in France alone. However, EBIT fell 2.4 percent to (EURO)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 (EURO)1 billion in costs in 2013, notably through a 5 percent reduction in external purchases.