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Profit falls at France's EDF in 2020 after COVID-19 cut power demand

PARIS, Feb 18 (Reuters) - French power group EDF on Thursday posted falling profits for 2020, when the COVID-19 pandemic hit electricity demand and dragged on revenues.

The group said that net profit came in at 2 billion euros ($2.41 billion), down 49% from a year earlier. The profit figure excluded one-off items including tax litigation in France and some costs linked to its Flamanville 3 plant.

Revenues reached 69 billion euros for the full year, down 3.4% from 2019 and below the average of 70.5 billion euros forecast in a Refinitiv poll of analysts.

Earnings before interest, taxes, depreciation and amortisation (Ebitda) exceeded expectations of 15.9 billion euros, at 16.2 billion euros, a 2.7% drop from 2019.

$1 = 0.8304 euros Reporting by Sarah White and Benjamin Mallet; Editing by Christian Schmollinger

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