Business News
EDF sees profits plunge by nearly 50 per cent in first half of 2010
Jul 30, 2010, 10:13 GMT
Paris - Partly state-owned French energy giant EDF said Friday that profits for the first half of 2010 plunged by 46.9 per cent over the same period last year due to a large contingency reserve.
The group posted profits of 1.66 billion euros (2.16 billion dollars) in the first half of this year, compared to 3.12 billion euros last year.
EDF said that the primary reason was the contingency reserve of 1.1 billion euros to cover potential risks to its North American nuclear energy activities.
Analysts had expected profits of 2.57 billion euros for the period.
First-half turnover stood at 37.5 billion euros, up 7.7 per cent over the first half of last year.
EDF also announced that completion of its EPR nuclear reactor at Flamanville, in northern France, would be delayed by two years and that the site would not open until 2014.
In addition, the cost of the project has ballooned to about 5 billion euros, 1 billion euros more than previous estimates.
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