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Utility Veolia posts increased Q1 earnings and retains 2021 outlook By Reuters 

© Reuters. The brand of Veolia is seen in Saint-Herblain close to Nantes, France, April 12, 2021. REUTERS/Stephane Mahe

PARIS (Reuters) – French utility Veolia, which final month agreed a 13 billion euros ($15.6 billion) merger take care of rival Suez, posted increased first quarter earnings on Wednesday and stored its 2021 monetary outlook.

Veolia reported earnings earlier than curiosity, tax, depreciation and amortisation (EBITDA) for the primary quarter ending March 31 of 1.078 billion euros, up from 970 million a 12 months earlier.

Revenues rose 2 p.c from final 12 months to six.81 billion euros, whereas web earnings jumped by 58.7 p.c to 186 million euros.

In April, Veolia struck a merger take care of Suez value almost 13 billion euros after months of wrangling between the 2 French waste and water administration corporations.

“On April eleventh, we signed an settlement to buy Suez Group and to create the undisputed world champion of ecological transformation,” stated Veolia Chairman and Chief Govt Antoine Frerot.

“This mixture, which needs to be finalized by the tip of the 12 months, opens up nice growth prospects at a time when environmental priorities have by no means been increased on the agenda,” added Frerot.

($1 = 0.8318 euros)

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