EDF reports 47-percent drop in profits in first half of 2010

EDF, Europe's biggest power producer, reported Friday a 47-percent drop in net profit for the first half of 2010.

EDF's net income amounted to 1.7 billion euros (2.2 billion U.S. dollars) in the first half, declining 46.9 percent from 3.1 billion euros the previous year.

Meanwhile, net debt rose to 44.1 billion euros by June 30, up from 42.5 billion euros six months ago.

The profit decline was caused mainly by the company's 1.1 billion euros provision for its North American activities due to delays in developing nuclear reactors, the company said in a statement.

Despite the challenges, EDF Chairman and CEO Henri Proglio said nuclear output in France will rise, and the company will continue to increase its investments in related projects.

Source: Xinhua