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GDF Suez posts steep drop in H1 earnings

August 1, 2013

PARIS (AP) — GDF Suez says its earnings continued to slump amid power outages and asset write-downs in the first half of year.

The Franco-Belgian gas-and-electric giant also said Thursday that its full-year earnings will also decline. The warning came as it reported a 26 percent fall in net profit in the first half to 1.7 billion euros ($2.3 billion) from 2.3 billion euros a year earlier.

GDF Suez said earnings were hurt by write-downs on assets and goodwill, mainly in Europe as part of the company’s efforts to adjust for the long-term economic malaise in the region.

The company said “depressed market conditions do not yet offer any sign of improvement” in Europe, and forecast recurring net income this year to be well below the 3.8 billion euros it made in 2012.

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