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News » Economics

Suez Sales Rocket On Gas Sales

01.08.2002 | Source:

Pravda.Ru

 

Suez SA, the world's second- largest water company, has said that second-quarter sales rose by 8.1 percent as energy trading helped offset currency declines at the water unit. The shares rose as much as eight percent on the news.

Sales climbed to 10.89 billion euros ($10.69 billion) from 10.07 billion euros in the same period last year, said Suez spokeswoman Anne Liontas. First-half sales climbed by 8.9 percent to 22.45 billion euros.

Suez's electricity and natural-gas unit, with operations in more than a hundred countries, had the largest and fastest growing profit of the three main businesses of energy, water and waste last year. Energy trading surged by 50 percent in the first half.

``Gross sales are up and there's a boost from energy trading driving that,'' said Rebecca Reehal, an analyst at Lehman Brothers Holdings Inc. ``It's likely to be positive for sentiment.'' The share-price increase may be ``short lived,'' she said.

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