Europe dents profits at utility GDF Suez
Associated Press
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
1:24 am, Thursday, February 28, 2013
PARIS (AP) — Growth in developing markets helped Franco-Belgian utility GDF Suez eke out revenue growth last year, but concerns over the economic outlook in Europe prompted the company to take a €2 billion ($2.6 billion) charge on its assets. The economy of the 17 European Union countries that use the euro is in recession, and high unemployment and sluggish industrial output are hitting GDF Suez's business and retail customers. "In order to prepare for an economic climate that promises to be challenging in Europe for 2013 and 2014, the group has decided to accelerate its transformation, simplify its organization, and reduce its expenses, capex (capital expenditure) and debt," said CEO Gerard Mestrallet. Reported by SeattlePI.com 1 day ago.
Associated Press
Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
1:24 am, Thursday, February 28, 2013
PARIS (AP) — Growth in developing markets helped Franco-Belgian utility GDF Suez eke out revenue growth last year, but concerns over the economic outlook in Europe prompted the company to take a €2 billion ($2.6 billion) charge on its assets. The economy of the 17 European Union countries that use the euro is in recession, and high unemployment and sluggish industrial output are hitting GDF Suez's business and retail customers. "In order to prepare for an economic climate that promises to be challenging in Europe for 2013 and 2014, the group has decided to accelerate its transformation, simplify its organization, and reduce its expenses, capex (capital expenditure) and debt," said CEO Gerard Mestrallet. Reported by SeattlePI.com 1 day ago.