October 22, 2013 / 10:23 AM / 4 years ago

UPDATE 1-Ivory Coast utility CIE posts 57 pct fall in H1 profit

(Adds exports and domestic sales figures)

ABIDJAN, Oct 22 (Reuters) - Ivory Coast’s CIE posted a first-half net profit of 3.22 billion CFA francs ($6.71 million), down 57 percent from 7.51 billion a year earlier due largely to maintenance costs, the power utility said on Tuesday.

In a statement in state-owned newspaper Fraternite Matin, the company, partly owned by French industrial group Bouygues , said turnover rose 21 percent to 183.77 billion CFA francs from 152.19 billion a year earlier.

Exports of electricity to Ivory Coast’s West African neighbours were up 187 percent to 431 gigawatt hours from 150 GWh in the first six months of 2012.

Domestic sales rose 12 percent to 2,515 GWh from 2,243 GWh, the statement said.

“Growth in sales should continue in the second semester. 2013 profits should improve compared with the 2012 result barring unforeseen circumstances,” the company stated.

Ivory Coast has a relatively reliable power supply by regional standards and exports electricity to Ghana, Burkina Faso, Benin, Togo and Mali. The government is pushing plans to increase production capacity by 150 MW per year over the next decade.

$1 = 479.6580 CFA francs Reporting by Loucoumane Coulibaly; editing by Joe Bavier and Jason Neely

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