French utility GDF Suez SA said Thursday that profits were little changed last year and that it is well placed to benefit from the economic recovery, according to AP. The company said that excluding contributions by companies sold as part of its 2008 merger, net profit rose just 0.3 percent in 2009 to ¤4.5 billion ($6.15 billion), in line with analysts' expectations. GDF Suez, formed from the merger of Franco-Belgian electricity producer Suez with France's state-controlled gas supplier Gaz de France, met its target of higher earnings before interest, tax, depreciation and amortization. EBITDA rose 1 percent last year to ¤14 billion. Revenue fell 3.8 percent to ¤79.9 billion, lower than analyst forecasts. The company, of which the French state still owns 35.9 percent, said it is in a «particularly good position» to benefit from improving economic conditions and commodity prices. «In 2010, the Group will continue to invest in each of the businesses and geographic areas where it is present and to create jobs,» said CEO Gerard Mestrallet in statement. «This strategy, which we have been pursuing since the merger, will enable the Group to take full advantage of the economic recovery wherever it occurs.» GDF Suez said late Wednesday that a consortium it leads has been appointed preferred bidder for Saudi Arabia's $2 billion Ryadh PP11 power plant.
