A2A Sees 2012 Ebitda Up From Edison Deal As Net Profit Drops

A2A SpA (A2A.MI) said Thursday it expects its 2012 core earnings to improve on the year on asset growth after it relinquishes joint control with Electricite de France SA (EDF.FR) of Italian energy company Edison SpA (EDN.MI).

Municipal utility A2A also said first-quarter net profit fell 9% on the year, much less than expected, on accounting charges related to the value of a bond expiring in 2013.

In a statement, A2A said net profit fell to EUR76 million compared with EUR85 million a year earlier. The company said the net profit would have risen to EUR88 million excluding the EUR19 million accounting charge for the bond.

Earnings before interest, taxes, depreciation and amortization, or Ebitda, fell 7% to EUR271 million over the period. Ebitda is closely watched by analysts to determine the health of the underlying business.

Italy's biggest municipal utility by market value said it expects 2012 Ebitda to improve on the year due to the consolidation of Edipower following the deal with EDF to exit Edison, as well as better results at its Montenegrin subsidiary EPCG.

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

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