AEM H1 net 116 mln eur vs 189 mln, in line with expectations |
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Published
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Wed, 12 Sep 2007 13:47
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MILAN (Thomson Financial) - AEM SpA said its net profit in the first half of the year fell to 116 mln eur from 189 mln in the same period last year due to lower electricity and gas demand and the fact that the first half last year benefited from extraordinary items.The net profit figure was in the middle of a consensus forecast range of 95-128 mln eur.Sales in the first half fell to 3.421 bln eur from 3.499 bln because of the lower gas volumes sold and distributed.Thanks to a more efficient management of the group's power generation portfolio, the increase in power sales and one-off positive items, EBITDA for the period rose 4.4 pct on the year to 753 mln eur, within the consensus range of 748-758 mln.EBIT rose to 453 mln eur from 416 mln, AEM said.The group said that thanks to two new power stations about to come on line and an expected improvement in margins for wholesale power, it expects full year operating results to be in line with 2006.AEM said its net debt at the end of June stood at 4.256 bln eur compared to 4.915 bln at the end of December.stephen.jewkes@thomson.comsj/jlcCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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PowerFilm H1 net income above view at 1.25 mln usd; sees sales, profit in line 