PARIS (dpa-AFX) - ENGIE (GDSZF.PK, GDFZY.PK) reported first-quarter EBITDA of 3.50 billion euros, down 1.7% on a gross basis and up up 2.3% on an organic basis compared to the end of March 2015. Excluding temperature impact in France, organic EBITDA growth was 5.0%. Current Operating Income was 2.39 billion euros, up 0.4% on a gross basis and by 5.9% on an organic basis compared with the end of March 2015.
Revenues as of March 31, 2016 were 18.91 billion euros, down 14.3% on a gross basis and down 13.3% on an organic basis. The company said the decrease is notably due to the drop in commodity prices which impact exploration/production activities, commercialization activities, gas and LNG purchase/sale activities and power production activities as well as to the mild temperatures in France over the first quarter while the first quarter of 2015 had been slightly cold.
The Group confirmed its 2016 financial targets. The Group expects: a Net Recurring Income Group share between 2.4 and 2.7 billion euros; EBITDA of 10.8 to 11.4 billion euros, excluding significant scope impacts; and a dividend of 1 euros per share with respect to 2016, payable in cash.
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