Edison SpA (>> Edison SpA), Italy's No. 2 energy company that Electricite de France SA (>> EDF) aims to have sole control of, Friday said its first-quarter net loss widened hit by lower margins on natural gas sales and higher hydrocarbon exploration costs, as well as a sector-specific tax.
In a statement, Edison said its first-quarter net loss was EUR51 million compared with a loss of EUR20 million in the first three months of 2011. Earnings before interest, tax, depreciation and amortization, or Ebitda, of EUR160 million was slightly lower than the EUR163 million in the same period a year earlier.
Edison said it estimates 2012 Ebitda at between EUR1.1 billion and EUR1.2 billion, taking into account the full impact of the Libyan and Qatari gas renegotiations and competition in the electricity and gas markets. In 2011, the company reported an Ebitda of EUR887 million.
-By Liam Moloney, Dow Jones Newswires; +39 06 6976 6924; email@example.com