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GDF Suez Confirms Earnings Target

PARIS (AP) ¿ French utility GDF Suez SA said Thursday it is on track to achieve targeted improvements in 2009 earnings despite a dip in sales over the first nine months of the year.

The gas and electricity provider said revenue slipped 1.2 percent to euro57.9 billion ($87 billion) in the nine months through Sept. 30, down from euro58.6 billion a year earlier.

GDF Suez's revenues were boosted last year when commodities such as gas and oil reached record-high prices around the middle of the year.

In a statement, Chairman and Chief Executive Gerard Mestrallet said that despite the lower level of activity over the first nine months, GDF Suez confirms its objectives for the year.

GDF Suez targets higher earnings before interest, tax, depreciation and amortization this year than the euro13.9 billion it reported last year.

GDF Suez shares were down 0.6 percent at euro29.46.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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