Milan

A2a profit gains 48% in first 9 months, plans to slash debt

Company stock surges 4% after financial results are released

A2a profit gains 48% in first 9 months, plans to slash debt

Milan, November 8 - A2A, Italy's biggest municipal utility by market value, said profit in the first nine months of the year gained 48% to 169 million euros. Ebitda, or earnings before interest taxation depreciation or amortization, gained 20% to 776 million euros, as sales gained to 4.9 billion euros. Net consolidated debt rose to 4.58 billion euros, whilst it fell to 3.5 billion euros excluding the deconsolidation Edipower. The company's board approved A2A's new business plan, which aims to cut debt to 1.4 billion euros by 2015. The company's stock gained 4% to 0.39 euros after the results were released.

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