French utility GDF Suez SA (GDFZY.PK, GDSZF.PK) Tuesday said that IFRS revenues for the first quarter slid 0.4 percent to 28.1 billion euros from 28.16 billion euros, while it grew 1.7 percent on an organic basis.
IFRS Earnings Before Interest, Tax, Depreciation and Amortization or EBITDA dropped 4.5 percent to 5.6 billion euros and slid 1 percent on an organic basis.
On a pro forma basis, with equity consolidation of Suez Environnement as of January 1st, 2012, EBITDA for the quarter were 4.989 billion with gross decrease of 5.1 percent. On an organic basis, the decrease was 1.2 percent.
Revenues at March 31, 2013 were 24.564 billion with a stable gross variation while organic growth was 2.3 percent.
The firm attributed the revenue expansion to the Group's continued development in fast growing markets, colder weather conditions compared to 2012 supporting sales of natural gas in France, and progression of LNG sales with strong arbitrage activity in Asia and Europe.
The company expects full year net recurring income group share between 3.1 billion euros and 3.5 billion euros, assuming average weather conditions and stable regulation.
This target is based on an estimated EBITDA between 13 billion euros and 14 billion euros, after pro forma equity consolidation of Suez Environnement.
The board is considering an interim dividend of 0.83 euros per share for 2013, which will be paid on November, 20.
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