By Marc Bisbal Arias 
 

Electricite de France SA (EDF.FR) said Friday that its 2017 net profit rose year-on-year, helped by capital gains from asset sales and lower costs.

Net profit was 3.17 billion euros ($3.98 billion), compared with EUR2.85 billion a year earlier, it said. Sales fell slightly to EUR69.63 billion, compared with EUR71.20 billion in 2016, but were ahead of an analyst consensus of EUR67.78 billion provided by FactSet, it said.

Organic growth in Ebitda for its electricity and hydrocarbon activities reached 10% and 19.7% respectively, EDF said.

The French state-controlled power utility confirmed its targets for 2018.

EDF lowered its 2018 guidance last November due to "unfavorable developments" in France and the U.K. In the U.K., earnings before interest, taxes, depreciation and amortization fell by more than 33% in 2017, it said.

Chief Executive Jean-Bernard Levy said that "the group strengthened its balance sheet and reduced its financial debt by EUR4.4bn in 2017. We are beginning an unprecedented acceleration in renewable energies with the launch of EDF's Solar Plan, at the same time that we are strengthening our commercial initiatives."

The company now has a solid basis to achieve an expected rebound in 2018, Mr. Levy added.

EDF proposed a dividend of EUR0.46 per share for 2017. Subject to approval, shareholders will have the option of receiving it in the form of new EDF shares.

Write to Marc Bisbal Arias at marc.bisbalarias@dowjones.com

(END) Dow Jones Newswires

February 16, 2018 02:06 ET (07:06 GMT)