Profit falls at utility GDF Suez amid Europe woes

PARIS (AP) ? Franco-Belgian utility GDF Suez says its earnings fell more than 60 percent in 2012 compared to the year earlier because the company booked a ?2 billion ($2.6 billion) impairment on its European assets in anticipation of the region's continued economic malaise.

The company said Thursday that its net income fell to ?1.6 billion ($2.1 billion) last year, down from ?4 billion in 2011. Without the charge and only counting recurring operations, net income would have been ?3.8 billion.

Revenues increased 7 percent to ?97 billion ($127 billion). Much of that growth happened in Asia and the Middle East, where the company is expanding. Its French business also saw a jump as it recoups money from customers after a state body struck down a government-imposed freeze on natural gas prices.

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/f70471f764144b2fab526d39972d37b3/Article_2013-02-28-EU-France-Earns-GDF-Suez/id-664f46fe8d674a7ea6532545226a3706

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