MILAN (Thomson Financial) - Edison SpA said that its first quarter net
profit fell to 52 million from 87 million euros due to higher by carbon dioxide
(CO2) and higher raw material costs.
In the quarter, sales rose 12.1 percent to 2.502 billion euros, while EBITDA
fell 22.7 percent to 307 million euros and EBIT declined 44.3 percent to 127
million euros.
The energy company said unresolved regulatory issues regarding CO2 emissions
and the reimbursement of raw materials, as well as the expiry of incentives and
contracts for power plants using renewable energy, negatively impacted EBITDA by
100 million euros.
Analysts were expecting EBITDA in a range of 294 million to 336 million
euros and profits at between 37 million and 60 million euros.
Thanks to the contribution of new power plants situated in Simeri Crichi,
Candela and Turbigo, to a better use of the energy portfolio and to anticipated
changes in the regulatory framework concerning reimbursement of the costs
incurred to meet CO2 obligations, Edison expects 2008 results to be
substantially in line with last year.
philip.webster@thomsonreuters.com
pw/ejp
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