Suez Env Q1 core earnings down 2.2 pct on exchange rate impact

PARIS, April 24 Thu Apr 24, 2014 1:36am EDT

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PARIS, April 24 (Reuters) - French environmental services firm Suez Environnement said on Thursday core earnings fell 2.2 percent on a gross basis and rose 3.2 percent on an organic basis, in part because of the negative impact of exchange rates.

Suez's core earnings before interest, tax, depreciation and amortisation (EBITDA) fell to 552 million euros from an adjusted 564 million in the first quarter of 2013. Revenue fell to 3.35 billion euros from an adjusted 3.42 billion.

The company said it had felt a significant negative exchange rate impact of 94 million euros on revenue, of 30 million euros on EBITDA and of 55 million euros on net debt.

The company did not release details on profit, but said the unfavourable exchange rate impact on revenue was mainly due to the depreciation of the Australian dollar (-41 million) and the Chilean peso (-33 million) against the euro.

The company also said that the slight improvement in its waste business seen at the end of last year has continued, as shown by a 1.7 percent increase in treated volumes. Suez said it maintained all of its 2014 objectives. (Reporting by Geert De Clercq; Editing by Andrew Callus)

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