Edison SpA (EDN.MI), the Italian energy company partially controlled by Electricite de France SA (EDF.FR), Monday said it swung to a first-quarter net loss on the year as unprofitable natural gas assets continued to hit earnings.

In a statement, Edison said net loss was EUR20 million, compared with a net profit of EUR67 million in the first three months of 2010. Total revenue rose to EUR3.11 billion from EUR2.88 billion over the period.

Earnings before interest, taxes, depreciation and amortization, or Ebitda, slid 43% to EUR183 million over the period.

The Milan-based company confirmed that it estimates 2011 Ebitda at about EUR900 million, less than the EUR1.37 billion reported the previous year.

In March, Edison, which is also controlled by A2A SpA (A2A.MI), said net profit for 2010 tumbled 91% on more than EUR400 million in write-downs and provisions, mainly on its gas assets. It didn't pay a dividend on its 2010 results.

Edison is at the center of a power struggle between EDF and Italian municipal utility A2A. The two control it with a shareholder pact but they are negotiating how to end it and have set a Sept. 15 deadline.

Company website: www.edison.it

-By Liam Moloney, Dow Jones Newswires; +39 06 6976 6924; liam.moloney@dowjones.com

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