Edison sees 2023 core profit rising after solid first quarter (updated)

Electricite de France SA

05/05/2023 11:49

(Adds shares, details on Q1 results)
       May 5 (Reuters) - Energy group Edison  EDNn.MI  on
Friday forecast its core earnings would increase to between 1.4
billion euros ($1.54 billion) and 1.6 billion euros this year
after they rose 52.4% in the first quarter.
    The company, controlled by France's EDF  EDF.PA , said its
earnings before interest, tax, depreciation and amortisation
(EBITDA) reached 544 million euros in the first quarter, lifted
by sales to the retail market and its gas operations.
    Edison's shares traded in Milan rose as much as 3.4% after
results were published and were trading 2.1% higher around 1005
GMT.
    Net profit came in at 288 million euros in the first
quarter, marking a sharp increase from the 27 million euros
reported a year earlier. 
    However, Edison flagged that 2023 first-quarter revenue fell
by about 13% owing to a drop in the volumes of natural gas sold.
    
     
($1 = 0.9065 euros)

    

 (Reporting by Alberto Chiumento in Gdansk
Editing by Federico Maccioni, David Goodman and Jane Merriman)
 ((Alberto.chiumento@thomsonreuters.com))