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GDF Suez Q1 Revenue Up Over 10% - Update

French utility GDF Suez SA (GDFZY.PK,GDSZF.PK), Monday reported its revenue for the first quarter rose over 10 percent, mostly on strong contributions from key business lines, including International Power.

Looking ahead, GDF Suez said it hopes to acquire the remaining 30 percent stake in International Power by the middle of this year. In such a scenario, the company expects 2012 net recurring income Group share estimate to increase by 200 million euros to between 3.7 billion euros and 4.2 billion euros.

The company said results for the quarter were mainly helped by International Power division where revenue rose 14.4 percent from last year. Growth was predominant in Latin America, Europe, and Middle East, as well as Turkey & Africa, as the company commissioned plants in Brazil, Chile and Thailand.

At Energy Europe, which accounts for most its business, revenue was up 8.3 percent from last year, on growth in Central West Europe, while other parts of the continent saw a decline.

Energy Services segment revenue gained 6.6 percent compared to last year, partly on modest growth in engineering activities, and increased activity in Germany, Switzerland, and Eastern Europe. Environment segment revenue meanwhile edged up 2.2 percent, year-over-year.

At its smaller businesses, Global Gas & LNG, revenue surged nearly 70 percent from last year, and Infrastructures by about 43 percent.

The company registered a 5.7 percent growth in EBITDA to 5.8 billion euros compared to the same quarter last year. Results were mainly helped by better profits from Energy International and Energy Europe. This was partly offset by a decline in operational performance of Suez Environment due to disposals and lower volumes in Waste Europe.

GDF Suez recently raised its offer to acquire the remaining 30 percent stake in International Power to 418 pence per share, up from 390 pence per share. The deal awaits the approval of minority shareholders of International Power. The deal is a major strategic step in GDF Suez's development, consistent with its strategy of accelerating development in fast growing markets.

In Paris stock exchange, GDF shares closed Monday at 18.18 euros, down 0.50 euros or 2.68%, on a volume of 7.2 million shares.

by RTT Staff Writer

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