Monday May 4, 01:35 PM
Winter boosts French energy group GDF Suez
PARIS (AFP) - French energy group GDF Suez (Paris: FR0010208488 - news) on Monday reported a 11.7-percent increase in sales to 25.6 billion euros (33.9 billion dollars) in the first quarter of the year thanks to Europe's extremely cold winter.
The company's earnings before interest, taxes, depreciation and amortization were also up 14.7 percent in the first three months of the year compared to the same period in 2008 despite a recent sharp fall in energy prices.
GDF Suez said one of the main reasons for the encouraging results were "favourable weather conditions in the first quarter of 2009," when cold temperatures increased demand for heating fuel.
The company also said that the fluctuation in energy prices "has only moderately impacted exploration and production activities."
GDF Suez was formed last year after a merger between state-owned Gaz de France and privately-held Suez (Paris: FR0000120529 - news) to form a global energy giant in which the French state is the biggest single shareholder.
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