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GDF Suez 9-month earns slump

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November 13, 2013 02:27 AM EST | AP


PARIS (AP) — 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 percent to 67.7 billion euros in the nine months to end-September, while earnings before interest, tax, depreciation and amortization dropped 8.8 percent to 11.7 billion euros.